Cavco Industries Stock Price, News & Analysis

Cavco Industries (CVCO) reported financial results for the third fiscal quarter ended December 31, 2022, with net revenue rising to $501 million, a 16.0% increase from $432 million year-over-year. Income before income taxes surged 29% to $76 million. Gross profit as a percentage of net revenue was 26.4%. Net income per diluted share fell to $6.66 from $8.57, partly due to prior year tax credits. Backlogs decreased 34% sequentially to $427 million. The company repurchased $34 million in shares and completed the acquisition of Solitaire Homes for $93 million, strengthening its market position.

Cavco Industries, Inc. (CVCO) will report its earnings for the third quarter ending December 31, 2022, on February 2, 2023, after the market closes. A live webcast with senior management will be held on February 3, 2023, at 1:00 p.m. Eastern Time to discuss the results. Cavco, one of the largest producers of manufactured and modular homes in the U.S., offers a wide range of housing products and financial services through its subsidiaries, including CountryPlace Mortgage and Standard Casualty. Investors and interested parties can participate in the webcast via the company's investor relations website.

Cavco Industries (CVCO) has launched cavcohomes.com, a new consumer-friendly marketplace for affordable homes. This platform showcases homes from six notable brands and offers accessible features like floor plans, videos, and virtual tours, enhancing the home-buying experience. CEO Bill Boor emphasizes the company’s commitment to addressing the affordable housing crisis in America. The launch represents a significant step in consolidating Cavco's brand presence and facilitating growth. The site uses modern technology, including Elasticsearch and a React-based framework, to integrate real-time inventory and pricing, ultimately aiming to streamline the buying process.

Cavco Industries, Inc. (CVCO) has successfully completed the acquisition of Solitaire, Inc. for $93 million as of January 3, 2023. This strategic purchase enhances Cavco's operations, adding four manufacturing facilities and twenty-two retail locations across the Southwestern U.S. President Bill Boor emphasized the solid reputation of Solitaire Homes and the promising synergies expected from this integration. The acquisition is funded through cash reserves, positioning Cavco for potential revenue growth in the factory-built housing market.

Turtle Beach Corporation (Nasdaq: HEAR) has appointed Julia Sze to its Board of Directors, indicating a strategic shift in leadership. With over 25 years in capital markets and investment management, Sze's expertise is expected to enhance the Board's perspective on strategy and capital allocation. This appointment aligns with the company’s cooperation agreement with The Donerail Group LP, which has resulted in the replacement of a majority of Board members in the past seven months. Currently, the Board consists of nine directors, eight of whom are independent.

Cavco Industries (CVCO) reported strong financial results for Q2 fiscal 2023, with net revenue soaring 60.6% to $577 million and net income rising 97.1% to $74 million. Earnings per diluted share jumped to $8.25. The company initiated operations at a new plant in Glendale, Arizona, and advanced its acquisition of Solitaire Homes for $93 million, enhancing its market position in the Southwest. However, backlogs diminished by $347 million sequentially, largely due to reduced home order rates amidst economic pressures like rising interest rates and inflation.

Cavco Industries (Nasdaq: CVCO) announced a binding offer to acquire Solitaire Homes for $93 million. This acquisition includes four manufacturing facilities, twenty-two retail locations, and dedicated transportation operations. Solitaire Homes, based in Duncan, Oklahoma, reported pro-forma earnings before taxes and depreciation of $16.5 million for the calendar year ending December 31, 2021. The deal aims to enhance Cavco's operational capabilities, expand its geographic footprint, and is anticipated to be accretive to earnings and cash flow.

Cavco Industries, Inc. (CVCO) will release its second-quarter earnings on November 3, 2022, following the market's close. Management will discuss these results in a live webcast on November 4, 2022, at 1:00 p.m. ET. Cavco is a leader in factory-built housing, operating under various brand names and offering products like manufactured homes and RVs. The company also provides finance and insurance services through its subsidiaries.

Cavco Industries has opened a new 184,000-square-foot manufacturing facility in Hamlet, North Carolina, enhancing its capacity to produce affordable homes.

Acquired from Volumetric Building Companies, this facility aims to address the housing demand, with plans to hire former VBC employees and expand job opportunities. Cavco has a robust network with 27 plants nationwide, delivering over 16,700 homes in fiscal 2022 and holding a 14% market share as the third-largest U.S. builder of manufactured homes.