Welcome to our dedicated page for Cavco Industries news (Ticker: CVCO), a resource for investors and traders seeking the latest updates and insights on Cavco Industries stock.
Cavco Industries Inc. (CVCO), headquartered in Phoenix, Arizona, is a leading designer and producer of factory-built housing products. The company offers a wide range of homes marketed under various brand names, including Cavco Homes, Fleetwood Homes, and Palm Harbor Homes. As the second-largest producer of HUD code manufactured homes in the United States, Cavco's reach extends through a robust network of both independent and company-owned retailers.
Cavco's diverse product portfolio includes modular homes, park model RVs, vacation cabins, and systems-built commercial structures. These homes are available under well-regarded brands such as Nationwide Homes, reflecting their commitment to quality and innovation in the housing market.
The company's operations are primarily segmented into two categories: Factory-Built Housing and Financial Services. The Factory-Built Housing segment encompasses wholesale and retail systems-built housing operations, which provide the majority of the company's revenue. On the financial side, their subsidiary, CountryPlace, offers conforming mortgages for factory-built and site-built homes. This business unit is an approved Fannie Mae and Ginnie Mae seller/servicer. Additionally, Cavco's insurance subsidiary, Standard Casualty, provides property and casualty insurance for owners of manufactured homes.
In recent developments, Cavco introduced the Anthem series, the first nationally available HUD-approved manufactured duplex. This innovation aims to address housing affordability and demonstrates their commitment to providing quality, accessible homes. Financially, Cavco remains strong, with robust cash flow enabling continuous investment in new projects and opportunities. The company recently announced a $100 million stock repurchase program, indicating confidence in its market position and future prospects.
Latest News:
- New Anthem Duplex Doubles Down on Innovation, Affordability and Investment Returns: Cavco’s Anthem series represents a significant breakthrough in manufactured housing, offering affordable and innovative duplex solutions.
- Quarterly Performance Insights: Despite seasonal slowdowns, Cavco reported the highest order rates in the last six quarters. This performance underscores the company’s resilience and strategic market positioning.
- Stock Repurchase Program: A new $100 million stock repurchase program has been approved, reflecting strong financial health and a commitment to shareholder value.
- Employee Home Ownership Program: Cavco has launched a new initiative to increase access to home ownership for its employees, reinforcing its dedication to workforce welfare and satisfaction.
- Commitment to Learning and Development: Cavco has been recognized for its exceptional learning and development initiatives, highlighting its investment in employee growth and excellence.
Enpro (NYSE: NPO) has appointed Allison K. Aden to its Board of Directors. Aden brings 30 years of finance experience and currently serves as Executive Vice President and CFO of Cavco Industries. Her expertise spans accounting, financial reporting, corporate strategy, M&A, IT, and cybersecurity across manufacturing, information technology, financial services, and commercial real estate sectors. At Cavco, she leads M&A efforts and oversees financial operations while playing a key role in strategic direction.
Cavco Industries (CVCO) reported strong Q2 FY2025 results with net revenue of $507 million, up 12.3% year-over-year. Home sales volume increased 15.7% with capacity utilization rising to 70%. The company achieved net income of $5.28 per diluted share, up from $4.76 in the prior year. Factory-built housing gross profit margin was 22.9%. Backlogs grew 19% to $276 million, with module backlog up 20%. The Board approved a new $100 million stock repurchase program. Financial services segment was impacted by Hurricane Beryl claims, with gross profit margin declining to 21.8% from 35.9% year-over-year.
Cavco Industries (Nasdaq: CVCO) has scheduled its fiscal 2025 second quarter earnings release for October 31, 2024, after market close. The company will host a live webcast discussion with senior management on November 1, 2024, at 1:00 p.m. ET. Cavco is a leading manufacturer of factory-built housing, including manufactured and modular homes, park model RVs, and commercial structures, distributed through independent and company-owned retailers. The company operates financial and insurance subsidiaries through CountryPlace Mortgage and Standard Casualty.
Cavco Industries (Nasdaq: CVCO) has released its 2024 Environmental, Social and Governance Report, highlighting the company's commitment to affordable housing solutions, environmental sustainability, and transparent governance practices. The report showcases Cavco's strategic initiatives, including:
- Company growth and design innovations
- Safety data and community engagement efforts
- Environmental programs like the Glendale Solar Power Initiative
- Adoption of the Sustainability Accounting Standards Board (SASB) reporting framework
CEO Bill Boor emphasized Cavco's 60-year role in providing affordable homes and its dedication to advancing the manufactured housing industry. The report reflects Cavco's core values and steps taken to foster market growth, operational excellence, team member success, and governance improvements.
Cavco Industries (Nasdaq: CVCO) announces significant changes to HUD's Manufactured Home Construction and Safety Standards, marking the most extensive update in over 30 years. The new HUD Code includes nearly 90 new and updated standards, with a key focus on approving duplex, triplex, and quadplex manufactured homes for nationwide construction. This move aims to address the affordable housing crisis by enabling more creative housing solutions.
As an industry leader, Cavco was the first to build HUD-approved true duplexes, including single and double-section models. The company's innovative Anthem series of duplex homes is expected to benefit from reduced build times, wider availability, and increased design flexibility. Cavco's President and CEO, Bill Boor, expressed excitement about the new possibilities for expanding affordable housing across the nation.
Cavco Industries (NASDAQ: CVCO) reported its fiscal 2025 Q1 results, showing mixed performance. Net revenue increased slightly by 0.4% to $478 million, driven by higher home sales volume. The factory-built housing segment saw improvements with a 20% sequential increase in home sales volume and capacity utilization rising to 65%. However, the financial services segment experienced a significant setback due to high insurance claims from weather events in Texas and wildfires in New Mexico.
Key financial highlights include:
- Gross profit margin decreased to 21.7% from 24.8% year-over-year
- Income before taxes fell 27.9% to $44 million
- Diluted EPS decreased to $4.11 from $5.29
- Backlogs grew 21.4% to $232 million
Despite challenges in the insurance operations, Cavco's CEO Bill Boor noted continued market improvement and opportunities in homeownership.
Cavco Industries, Inc. (Nasdaq: CVCO) has announced its fiscal 2025 first quarter earnings release and conference call webcast schedule. The company will release earnings for the quarter ended June 29, 2024, on Thursday, August 1, 2024, after market close. Senior management will discuss the results in a live webcast on Friday, August 2, 2024, at 1:00 p.m. Eastern Time.
Investors can access the webcast via the company's investor relations website or register for telephone participation. The call will be available for replay on the website for 90 days. Cavco Industries is a leading producer of factory-built housing, including manufactured and modular homes, park model RVs, vacation cabins, and commercial structures in the United States.
Cavco Industries (Nasdaq: CVCO) announced its fiscal 2024 fourth quarter and year-end results. Quarterly net revenue was $420 million, with net income of $34 million. Gross profit as a percentage of net revenue was 23.6%, down from 25.3% last year. Annual net revenue decreased by 16.2% to $1,795 million, and net income per diluted share dropped from $26.95 to $18.37. However, backlogs increased by 19.4% compared to three months ago. The company repurchased approximately $110 million in shares. Despite economic challenges, Cavco expanded its capacity and retail footprint and introduced the HUD-approved Anthem series. CEO Bill Boor emphasized the company's commitment to providing affordable housing.
Cavco Industries (Nasdaq: CVCO) will release its fiscal 2024 fourth-quarter and year-end earnings on May 23, 2024, post-market close.
Senior management will discuss the results in a live webcast on May 24, 2024, at 1:00 p.m. Eastern Time. Interested parties can access the webcast via the investor website or register for the telephone call.
Cavco, headquartered in Phoenix, designs and produces factory-built housing products distributed through independent and company-owned retailers. They are one of the largest U.S. manufacturers of manufactured and modular homes. Their products are marketed under several brand names, and they are also a leading producer of park model RVs and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, offers various mortgage options, while their insurance subsidiary, Standard Casualty, provides property and casualty insurance for manufactured home owners.
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