Welcome to our dedicated page for Cavco Industries news (Ticker: CVCO), a resource for investors and traders seeking the latest updates and insights on Cavco Industries stock.
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 (CVCO) announced the acquisition of a new 118,000 square-foot production facility in Glendale, Arizona, aimed at manufacturing park models, cabins, and cottages compliant with ANSI standards. This facility will not only enhance service to park model customers but will also free up capacity at the Goodyear facility for HUD code homes, catering to the Southwest region. The project, expected to complete by December 2021, will create nearly 200 jobs, marking a significant growth step for the company.
Cavco Industries, Inc. (CVCO) reported a 5.5% increase in net revenue to $288.8 million for Q3 FY2021 compared to $273.7 million a year earlier. The factory-built housing segment saw a 5.3% revenue rise to $270.8 million, primarily due to higher home selling prices, offset by a 6.8% drop in sales volume. Income from operations increased 3.5% to $23.8 million, although net income fell 5.7% to $19.7 million. Order backlogs surged 310% to $472 million, indicating strong demand despite production challenges.
Cavco Industries, Inc. (Nasdaq: CVCO) reported a 4.0% decrease in net revenue to $258.0 million for Q2 FY2021, down from $268.7 million in Q2 FY2020. For the first half of FY2021, revenue fell 3.7% to $512.8 million. The factory-built housing segment faced a 4.6% decline in revenue due to lower home sales volume, yet there was a 65% increase in sales order activity compared to the prior year. Net income dropped 28.2% to $15.0 million, and EPS was $1.62. A $100 million stock repurchase program was also announced, replacing a $10 million prior authorization.
Cavco Industries (CVCO) reported financial results for Q4 and FY ended March 28, 2020. Q4 net revenue rose 5.9% to $255.3M, driven by improved home sales and higher prices. However, income before taxes fell 47.9% to $13.6M, reflecting pandemic-related challenges in operations. FY revenue reached $1.062B, up 10.3%, with net income of $75.1M (up 9.5%). The company anticipates ongoing difficulties from COVID-19, impacting home sales orders and production rates, which dropped by 40% in mid-April. Despite these challenges, Cavco maintains a healthy balance sheet and positive outlook.