Welcome to our dedicated page for Legacy Housing news (Ticker: LEGH), a resource for investors and traders seeking the latest updates and insights on Legacy Housing stock.
Legacy Housing Corporation (NASDAQ: LEGH) is a manufacturer of community-focused manufactured homes and tiny houses that builds, sells and finances its products across the United States, with operations focused primarily in the southern United States. This news page compiles press releases, earnings announcements and other disclosures that the company issues about its manufacturing, sales and financing activities.
Investors and observers following Legacy Housing’s news can see regular updates on quarterly and annual financial results, including net revenue, income from operations, net income, earnings per share and book value per share, along with commentary from management. The company’s releases often discuss themes such as unit volumes, average selling prices, shipments to manufactured housing communities, inventory finance sales and capital allocation decisions such as share repurchases.
Legacy Housing also uses news releases to describe strategic initiatives and operational changes. Recent announcements have covered the Legacy 250 initiative and the introduction of the Legacy Ultimate Series, which feature design elements such as taller roof pitches, wide floors in their class, vaulted ceilings, storage modules and energy-efficient concealed-duct mini-split heat pumps. Other releases describe a significant company realignment, leadership transitions, and an agreement to acquire the assets of AmeriCasa Solutions, LLC and its FutureHomeX® sales management platform, which is described as leveraging artificial intelligence and automation to streamline the homebuying process.
Corporate governance developments, such as changes in executive leadership, amendments to bylaws and outcomes of annual stockholder meetings, are also reported through Legacy Housing’s current reports and press releases. Readers who follow LEGH news can use this page to review how the company communicates its financial performance, strategic direction, technology initiatives and governance decisions over time.
Legacy Housing Corporation (NASDAQ: LEGH) announced restated financial results for Q2 2020, correcting prior financial statements due to an accounting error. This restatement revealed an overstatement of costs, leading to a $1.4 million increase in retained earnings and a $1.4 million rise in net income. Net income was reported at $10.0 million ($0.41 per diluted share) for the quarter, and $19.1 million ($0.79 per diluted share) for the six months ending June 30, 2020. Investors are advised to disregard previously issued financial data related to this period.
Legacy Housing Corporation (NASDAQ: LEGH) announced its Q2 2020 financial results, reporting revenue of $46.0 million, a slight increase from $45.8 million in Q2 2019. Interest income rose nearly 20% to $6.1 million, while net income remained stable at $8.6 million. The consumer loan portfolio saw growth to $107.2 million, and the manufactured home park loan portfolio increased 16.3% to $120.1 million. SG&A expenses decreased by 33.9% to $4.1 million, enabling an 8% increase in tangible book value for shareholders year-to-date.
Legacy Housing Corporation (Nasdaq: LEGH) reported a first-quarter net revenue of $38.3 million for 2020, slightly up from $37.9 million in 2019. Interest income increased 16% to $6.4 million. The consumer loan portfolio increased by $6.7 million year-over-year. Income before tax rose 26% to $11.6 million, and net income reached $9.0 million, a 25% increase from $7.2 million. Earnings per share were $0.37, with a pro-forma EPS of $0.33 when adjusting for a one-time settlement gain. Management remains optimistic despite COVID-19 challenges.
Legacy Housing Corporation (NASDAQ: LEGH) will announce its Q1 2020 earnings on May 15, before market open. A live webcast and conference call, hosted by senior management, will follow at 10:00 AM Central Time.
As the fourth largest manufacturer of homes in the U.S., Legacy focuses on manufactured homes and tiny houses, offering a range priced from $22,000 to $140,000. Interested investors can register for the webcast via their website or by calling in with the provided number.