Legacy Housing Q2 2020 Earnings Report
Key Takeaways
Legacy Housing Corporation announced its financial results for the second quarter ended June 30, 2020, with revenue slightly increasing to $46.0 million from $45.8 million in the second quarter of 2019. Net income remained consistent at $8.6 million, and earnings per share increased to $0.36 from $0.35.
Revenue increased slightly to $46.0 million compared to $45.8 million in the second quarter of 2019.
Interest income increased by nearly 20% to $6.1 million from $5.1 million in the second quarter of 2019.
Net income remained consistent at $8.6 million compared to the second quarter of 2019.
Earnings per share increased to $0.36 from $0.35 for the comparable quarter in 2019.
Legacy Housing
Legacy Housing
Forward Guidance
The company took proactive steps during the first and second quarter of 2020 to navigate the COVID-19 environment by reducing costs and gaining operational flexibility in our manufacturing operations.
Positive Outlook
- Strong growth in financed sales to manufactured home parks
- Proactive steps to navigate the COVID-19 environment
- Reduced costs
- Gained operational flexibility in manufacturing operations
- Increased the tangible book value of the company by approximately 8% for our shareholders