Cavco Industries reports developments in factory-built housing, manufactured and modular home design, and related financial services. The company designs and produces factory-built homes distributed through independent and company-owned retailers, with product categories that include manufactured homes, modular homes, park model RVs, vacation cabins and factory-built commercial structures.
Recurring news for CVCO includes quarterly and annual operating results, factory-built housing margins and backlog trends, stock repurchase authorizations, design recognition from the Manufactured Housing Institute, and updates involving CountryPlace Mortgage and Standard Casualty. Cavco also reports completed acquisitions and integration activity, including the addition of American Homestar, a factory-built housing business with manufacturing, retail, finance and insurance operations.
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.
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