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Jun 30, 2020
Legacy Housing Q2 2020 Earnings Report
Legacy Housing reported slight revenue growth and consistent net income compared to the same quarter last year.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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