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Jul 01, 2023
Cavco Q1 2024 Earnings Report
Cavco's financial performance decreased due to diminished affordability, but was supported by strong management and cost control, as well as the success of their digital marketplace.
Key Takeaways
Cavco Industries reported a decrease in net revenue to $476 million, a 19% decrease compared to the previous year. Net income per diluted share was $5.29, down from $6.63 in the prior year quarter. Backlogs decreased to $177 million. The company announced a new $100 million stock repurchase program.
Net revenue decreased by 19% to $476 million compared to the first quarter of the prior year.
Factory-built housing gross profit margin was 24.8%, up from 24.4% in the prior year.
Net income per diluted share attributable to Cavco common stockholders was $5.29, compared to $6.63 in the prior year quarter.
Backlogs decreased to $177 million, down $67 million from three months prior.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in the earnings report. The company expects to emerge from this downturn stronger due to our focus on the undeniable need for affordable housing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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