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Cavco Industries (Nasdaq: CVCO) announced its fiscal 2024 fourth quarter and year-end results. Quarterly net revenue was $420 million, with net income of $34 million. Gross profit as a percentage of net revenue was 23.6%, down from 25.3% last year. Annual net revenue decreased by 16.2% to $1,795 million, and net income per diluted share dropped from $26.95 to $18.37. However, backlogs increased by 19.4% compared to three months ago. The company repurchased approximately $110 million in shares. Despite economic challenges, Cavco expanded its capacity and retail footprint and introduced the HUD-approved Anthem series. CEO Bill Boor emphasized the company's commitment to providing affordable housing.
Cavco Industries (Nasdaq: CVCO) will release its fiscal 2024 fourth-quarter and year-end earnings on May 23, 2024, post-market close.
Senior management will discuss the results in a live webcast on May 24, 2024, at 1:00 p.m. Eastern Time. Interested parties can access the webcast via the investor website or register for the telephone call.
Cavco, headquartered in Phoenix, designs and produces factory-built housing products distributed through independent and company-owned retailers. They are one of the largest U.S. manufacturers of manufactured and modular homes. Their products are marketed under several brand names, and they are also a leading producer of park model RVs and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, offers various mortgage options, while their insurance subsidiary, Standard Casualty, provides property and casualty insurance for manufactured home owners.
