Legacy Housing Stock Price, News & Analysis

Legacy Housing Corporation (NASDAQ: LEGH) reported record financial results for the year ending December 31, 2022. Key highlights include:

• Net revenue increased by 30.1% to $257.0 million.
• Income from operations rose by 32.4% to $78.0 million.
• Net income surged 35.9% to $67.8 million.
• Basic EPS grew by 35.0% to $2.78.
• Book value escalated 23.5% to $382.1 million, with book value per share at $15.69, reflecting a 22.7% increase.

CEO Duncan Bates emphasized operational improvements and capital deployment as priorities for shareholder returns.

Legacy Housing Corporation (NASDAQ: LEGH) has appointed Max Africk as General Counsel, succeeding Thomas Osier who left the company in late 2022. CEO Duncan Bates expressed enthusiasm over Africk's extensive legal expertise, which is expected to support the company's operations as a public entity and foster growth. Africk, 33, previously worked at King & Spalding LLP and other prominent law firms, and he holds degrees from the University of North Carolina and the University of Texas. Legacy Housing specializes in building, selling, and financing manufactured homes, positioning itself as the fifth largest U.S. producer of such homes.

Legacy Housing Corporation (LEGH) announced it will release its earnings for the fourth quarter and full year ending December 31, 2022, on March 15, 2023, after market close. A conference call to discuss these results is scheduled for March 16, 2023, at 10:00 AM CT. The company is a leading manufacturer of homes, ranking fifth in the U.S. Its products range from approximately $33,000 to $180,000, catering primarily to customers in the southern U.S. Legacy offers a diverse array of homes, with sizes from 395 to 2,667 square feet, accommodating 1 to 5 bedrooms.

Legacy Housing Corporation (NASDAQ: LEGH) reported financial results for Q3 2022, highlighting net revenue of $57.3 million, a 1.5% increase from Q3 2021. Income from operations rose 10% to $16.9 million, with net income increasing 13.4% to $14.7 million. Basic EPS reached $0.60, up 11.1%. Book value jumped 22.5% to $362.2 million. The Board approved a $10 million stock repurchase program effective through October 31, 2025, emphasizing shareholder value amid a strong backlog despite production challenges.

Legacy Housing Corporation (NASDAQ: LEGH) will release its third-quarter earnings for the period ending September 30, 2022, on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 11:00 AM CT. The company is a leading producer of manufactured homes in the U.S., focusing on quality homes priced between $22,000 and $140,000. Legacy operates primarily in the southern U.S. and distributes its products through independent retailers and company-owned stores.

Legacy Housing Corporation (NASDAQ: LEGH) reported significant gains in its financial results for the first half of 2022, showcasing a 40.2% increase in revenue to $124.1 million compared to the same period in 2021. Net income rose by 42.8% to $33.4 million, with fully diluted EPS climbing 40.1% to $1.35. The company aims to regain NASDAQ compliance and plans timely filing of its third-quarter results, potentially impacting investor confidence and future stock performance.

Legacy Housing Corporation (LEGH) announced progress in regaining NASDAQ compliance after filing its Form 10-K for the year ended December 31, 2021, on August 3, 2022. The Audit Committee appointed Daszkal Bolton LLP as the new public accounting firm following the dismissal of Weaver and Tidwell, LLP. Legacy expects to file Forms 10-Q1 and 10-Q2 by late September 2022, with anticipated revenues of $120 to $122 million and income before taxes of $37 to $39 million for the first half of 2022. Despite recent accounting challenges, Legacy continues to perform well in a tough market.

Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq on August 11, 2022, for non-compliance with Listing Rule 5250(c)(1) due to untimely filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2022. This follows a similar notice for the report ending March 31, 2022. Legacy has until September 12, 2022, to provide an update on its compliance plan. While the notice does not immediately affect the company's stock listing, timely filings are critical for regulatory compliance.

Legacy Housing Corporation (NASDAQ: LEGH) announced the appointment of Duncan Bates as President and CEO, effective June 7, 2022. Bates, previously Senior VP of Mergers & Acquisitions at Arcosa, Inc., succeeds Kenny Shipley, who will continue as Founder and Executive VP. The company aims to leverage Bates' extensive experience in corporate finance for strategic growth. Francisco Coll was also appointed as an Independent Director on the same day. Legacy is a leading producer of manufactured homes in the U.S., focusing on quality and affordability.