Cavco Industries Stock Price, News & Analysis

Cavco Industries (CVCO) has signed an agreement to acquire a 184,000 square-foot manufacturing facility in Hamlet, North Carolina. This facility will produce homes compliant with HUD standards, increasing Cavco's production capability to 27 lines and addressing the growing demand for affordable housing. The acquisition is expected to complete renovations by summer 2022, with production starting in Q4 2022. Existing Volumetric Building Companies employees will be offered continued employment, and additional job opportunities are anticipated with the facility's expansion.

Cavco Industries, Inc. (CVCO) reported third fiscal quarter results ending January 1, 2022, with record net revenue of $432 million and net income of $80 million. The company benefited from a $29.9 million tax credit related to energy-efficient homes. The acquisition of Commodore contributed $73 million in revenue. Earnings per diluted share reached $8.57, significantly up from $2.12 last year. Backlogs hit $1.1 billion, reflecting strong demand despite facing supply chain challenges. Factory utilization improved to 80%, meeting pre-pandemic levels.

Cavco Industries will release its earnings for the third quarter ending January 1, 2022, on February 3, 2022, after market close. A live discussion will follow on February 4, 2022, at 1:00 p.m. ET. The company is a leading manufacturer of factory-built housing products, including manufactured homes and park model RVs. It operates through various brand names and has a finance subsidiary for mortgage services and an insurance subsidiary for property and casualty coverage.

Cavco Industries (CVCO) reported strong financial results for Q2 fiscal 2022, with net revenue reaching $360 million and net income at $38 million. This marks a 39.4% year-over-year revenue increase. The acquisition of The Commodore Corporation contributed an additional $279 million to backlogs, which totalled $1.1 billion at quarter-end. Earnings per diluted share surged to $4.06, up from $1.62 in the same quarter last year. Gross profit as a percentage of net revenue improved to 25.0% despite ongoing supply chain challenges.

Cavco Industries, Inc. (Nasdaq: CVCO) has successfully completed the acquisition of The Commodore Corporation, effective September 24, 2021, for a total purchase price of $153 million. Commodore is recognized as the largest independent builder of manufactured and modular housing in the U.S. This acquisition aims to enhance Cavco's market position and leverage Commodore's established brand and operations across various regions. The deal is funded through Cavco's available cash, signaling a strategic move to bolster its housing portfolio.

Cavco Industries (Nasdaq: CVCO) has launched a new brand refresh, including an updated logo and color palette, effective September 1, 2021. Celebrating over 50 years in the manufactured housing industry, Cavco has become a leader with more than 4,700 employees and a 12% market share. The company offers a wide range of housing products and financial services, delivering over 14,000 homes and providing $165 million in financing in 2020. The new branding aims to reflect its evolution and future growth opportunities while enhancing customer engagement.

Cavco Industries (CVCO) announced on September 2, 2021, that the SEC filed a civil complaint against the Company, its former CEO Joseph H. Stegmayer, and former CFO Daniel L. Urness. The complaint alleges trading improprieties from 2017 that resulted in an unrealized gain of $260,459 and internal accounting control violations. The SEC seeks an injunction and monetary penalties. Cavco intends to vigorously defend itself against these allegations.

Cavco Industries (CVCO) has appointed Allison K. Aden as Executive Vice President and Chief Financial Officer, effective August 30, 2021. Aden will oversee financial reporting, accounting, and finance-related operations, and join the Executive Leadership Team. Her prior experience includes leadership roles at Diversified Technologies and Schweitzer-Mauduit International. Aden holds a bachelor's in Finance and an MBA, along with CPA and CGMA certifications. Cavco Industries is a leading manufacturer of factory-built housing and related financial services.