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Sep 30, 2022
Legacy Housing Q3 2022 Earnings Report
Legacy Housing reported an increase in revenue, operating income, and net income for Q3 2022.
Key Takeaways
Legacy Housing Corporation reported a revenue of $57.3 million, an increase of 1.5% compared to the third quarter of 2021. Net income for the third quarter of 2022 was $14.7 million, a 13.4% increase from the same period last year. The company's Board of Directors approved a stock repurchase program of up to $10,000,000.
Net revenue increased by 1.5% to $57.3 million compared to Q3 2021.
Operating income rose by 10.0% to $16.9 million compared to Q3 2021.
Net income increased by 13.4% to $14.7 million compared to Q3 2021.
Basic earnings per share increased by 11.1% to $0.60 compared to Q3 2021.
Legacy Housing
Legacy Housing
Forward Guidance
Company's business continues to perform well despite a challenging macroeconomic environment and company is committed to delivering value to its shareholders.
Positive Outlook
- Business continues to perform well despite a challenging macroeconomic environment.
- Margins and earnings demonstrate the resiliency of Legacy’s integrated business model.
- Backlog remains strong across all manufacturing facilities.
- Stock repurchase program is an important piece of the capital allocation strategy.
- Legacy ended the third quarter in a net cash position providing the flexibility to adopt this program and continue to pursue growth opportunities.
Challenges Ahead
- Faced slower shipments and production from Eatonton, GA facility this quarter.
- Challenging macroeconomic environment.
- No specific negatives were detailed in the earnings report.
- No specific negatives were detailed in the earnings report.
- No specific negatives were detailed in the earnings report.