Manufactured housing maker Cavco Industries has reported third-quarter net revenue of $501 million, a 16% increase over the same quarter the previous year. Income before taxes was $76 million, compared with $59 million during the previous-year period.
“Our team continues to deliver outstanding performance despite rising interest rates, high inflation and uncertainty in the general economy,” said Bill Boor, president and CEO. “The market has clearly shifted over the past few quarters, but our manufacturing and retail operators are doing what they do best – staying nimble, keeping costs as variable as possible to tightly manage margins and maintaining strong teams ready for the inevitable return to an under-supplied market.
“Our balance sheet remains strong with over $280 million in cash after the acquisition of
Solitaire Homes, which closed subsequent to quarter end on Jan. 3. We remain focused on providing quality, affordable homes, and we are well positioned to continue growing and helping more families achieve the dream of home ownership.”
Revenue for the first nine months of the year was $1.67 million, a 49% increase from the same period the previous year.
