Cavco Industries Stock Price, News & Analysis

Cavco Industries (CVCO) reported record net revenue of $588 million and net income of $60 million for Q1 fiscal 2023, significantly up from the previous year. Gross profit increased to 24.6% of net revenue, driven by strong factory-built housing performance. Earnings per diluted share rose to $6.63, a 127.1% increase. The company’s backlog grew to $1.0 billion, aided by the acquisition of Commodore. A new $100 million stock repurchase program was approved, and plans for a new manufacturing facility in North Carolina are underway.

Cavco Industries, Inc. (CVCO) will announce its earnings for Q1 ending July 2, 2022, on August 4, 2022, post-market. A live webcast is scheduled for August 5, 2022, at 1:00 p.m. ET, where senior management will discuss the results. Cavco is a prominent manufacturer of factory-built housing products in the U.S., known for brands like Fleetwood and Palm Harbor. The company also operates a finance subsidiary, CountryPlace Mortgage, and an insurance subsidiary, Standard Casualty, focusing on manufactured home owners.

Cavco Industries showcased its commitment to affordable housing by presenting a manufactured home on the National Mall during the Manufactured Housing Institute’s "Homes on the Hill" initiative from June 7-12, 2022. The Fleetwood Homes facility in Rocky Mount, Virginia, produced the Pegasus model, a two-bedroom home designed to highlight the value of manufactured housing. CEO Bill Boor engaged with government officials to advocate for policies supporting affordable home ownership. Manufactured housing is noted as the largest form of unsubsidized affordable housing in the U.S., impacting 22 million people.

Cavco Industries reported record-breaking fourth-quarter and full-year financial results for the fiscal year ending April 2, 2022. The company achieved a net revenue of $505 million and net income of $54 million, with earnings per diluted share reaching $5.80, a 114% increase year-over-year. The acquisition of Commodore contributed significantly to an increase in backlogs, now at $1.1 billion. The company also announced a new $100 million stock repurchase program, emphasizing its commitment to returning value to shareholders while investing in growth.

Cavco Industries, Inc. (CVCO) is set to release its earnings report for the fourth quarter and fiscal year ending April 2, 2022, on May 26, 2022, after market close. A live webcast conference call will follow on May 27, 2022, at 1:00 p.m. Eastern Time, where management will discuss the results. The company is a leading producer of factory-built housing products in the U.S. and operates a finance subsidiary, CountryPlace Mortgage, as well as an insurance subsidiary, Standard Casualty.

Cavco Industries, Inc. (Nasdaq: CVCO) has finalized the acquisition of a 184,000 square-foot manufacturing facility in Hamlet, North Carolina, expanding its capabilities to produce homes under the U.S. Department of Housing and Urban Development (HUD) standards. The acquisition aims to enhance affordable housing supply, with production expected to commence in Q4 2022. Existing employees will be retained, and additional jobs are anticipated with the facility's conversion. The deal was funded with Cavco's internal capital, emphasizing a strategic growth trajectory for the company.