Loading...
•
Jul 03, 2021
Cavco Q1 2022 Earnings Report
Reported record quarterly revenue and strong gross margins, driven by healthy home demand and strategic capital allocation.
Key Takeaways
Cavco Industries reported record first quarter fiscal 2022 results, with net revenue of $330.42 million and net income of $27.05 million. The company experienced strong home order rates and executed strategic acquisitions and stock repurchases.
Net revenue and net income reached record quarterly highs at $330 million and $27 million, respectively.
Gross profit margin improved to 22.4%, with factory-built housing gross profit at 21.2%.
Earnings per diluted share increased to $2.92, compared to $1.80 in the same quarter last year.
Home order rates increased nearly 50% year-over-year, driving backlogs up by $189 million during the quarter.
Forward Guidance
The company is focused on innovation and increasing home production while navigating labor and building supply challenges. Capital allocation priorities include investing in facilities, strategic acquisitions, and returning money to shareholders.
Positive Outlook
- Strong balance sheet allows flexibility for growth opportunities.
- Focus on innovation to meet market demands.
- Commitment to returning capital to shareholders.
- Strategic acquisitions planned for expansion.
- Healthy demand for homes with strong order rates.
Challenges Ahead
- Continuing labor challenges impacting production.
- Building supply disruptions causing inefficiencies.
- Unpredictable factory employee absenteeism.
- SEC inquiry may have potential financial impact.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...