Cavco Industries Reports Fiscal 2025 Third Quarter Results
Cavco Industries (NASDAQ: CVCO) reported strong financial results for Q3 FY2025. Net revenue increased 16.8% to $522 million, driven by a 21.6% growth in home sales volume. Factory-built housing gross profit margin improved to 23.6% from 22.4% year-over-year, while financial services gross profit margin rose to 55.5% from 36.8%.
The company's income before taxes grew 57.9% to $69.3 million, with diluted EPS rising 62% to $6.90. Production capacity utilization increased to 75% from 60% in the prior year. Backlogs stood at $224 million, representing 6-8 weeks of production. The company executed $42 million in stock repurchases during the quarter.
Cavco Industries (NASDAQ: CVCO) ha riportato risultati finanziari solidi per il terzo trimestre dell'anno fiscale 2025. I ricavi netti sono aumentati del 16,8% raggiungendo 522 milioni di dollari, grazie a una crescita del 21,6% nel volume delle vendite di case. Il margine di profitto lordo delle abitazioni prefabbricate è migliorato al 23,6% rispetto al 22,4% dell'anno precedente, mentre il margine di profitto lordo dei servizi finanziari è salito al 55,5% rispetto al 36,8%.
Il reddito dell'azienda prima delle imposte è cresciuto del 57,9% raggiungendo 69,3 milioni di dollari, con un EPS diluito che è aumentato del 62% a 6,90 dollari. Il tasso di utilizzo della capacità produttiva è aumentato al 75% rispetto al 60% dell'anno precedente. I ritardi negli ordini ammontavano a 224 milioni di dollari, equivalenti a 6-8 settimane di produzione. Durante il trimestre, l'azienda ha effettuato 42 milioni di dollari in riacquisti di azioni.
Cavco Industries (NASDAQ: CVCO) reportó sólidos resultados financieros para el tercer trimestre del año fiscal 2025. Los ingresos netos aumentaron un 16,8% alcanzando 522 millones de dólares, impulsados por un crecimiento del 21,6% en el volumen de ventas de viviendas. El margen de beneficio bruto de las viviendas prefabricadas mejoró al 23,6% desde el 22,4% del año pasado, mientras que el margen de beneficio bruto de los servicios financieros subió al 55,5% desde el 36,8%.
Los ingresos de la compañía antes de impuestos crecieron un 57,9% alcanzando 69,3 millones de dólares, con un EPS diluido que aumentó un 62% a 6,90 dólares. La utilización de la capacidad de producción aumentó al 75% desde el 60% del año anterior. Los pedidos pendientes sumaron 224 millones de dólares, lo que representa de 6 a 8 semanas de producción. La compañía ejecutó 42 millones de dólares en recompras de acciones durante el trimestre.
Cavco Industries (NASDAQ: CVCO)는 2025 회계연도 3분기에 강력한 재무 결과를 보고했습니다. 순수익은 5억 2200만 달러로 16.8% 증가했으며, 이는 주택 판매량 21.6% 증가에 힘입은 것입니다. 공장 건축 주택의 총 이익률은 지난해 22.4%에서 23.6%로 개선되었고, 금융 서비스의 총 이익률은 36.8%에서 55.5%로 증가했습니다.
회사의 세전 소득은 6930만 달러로 57.9% 증가했으며, 희석 EPS는 6.90달러로 62% 상승했습니다. 생산 능력 활용률은 지난해 60%에서 75%로 증가했습니다. 미결 주문은 2억 2400만 달러로 6-8주치 생산을 나타냅니다. 회사는 분기 동안 4200만 달러의 자사주 매입을 실행했습니다.
Cavco Industries (NASDAQ: CVCO) a annoncé des résultats financiers solides pour le troisième trimestre de l'exercice 2025. Le chiffre d'affaires net a augmenté de 16,8% pour atteindre 522 millions de dollars, soutenu par une croissance de 21,6% du volume des ventes de maisons. La marge brute de profit des maisons préfabriquées a progressé de 22,4% à 23,6% par rapport à l'année précédente, tandis que la marge brute de profit des services financiers est passée de 36,8% à 55,5%.
Le revenu de l'entreprise avant impôts a augmenté de 57,9% pour atteindre 69,3 millions de dollars, avec un BPA dilué en hausse de 62% à 6,90 dollars. Le taux d'utilisation de la capacité de production est passé de 60% l'an dernier à 75%. Les arriérés s'élevaient à 224 millions de dollars, représentant 6 à 8 semaines de production. L'entreprise a effectué des rachats d'actions d'un montant de 42 millions de dollars au cours du trimestre.
Cavco Industries (NASDAQ: CVCO) hat für das dritte Quartal des Geschäftsjahres 2025 starke Finanzergebnisse berichtet. Der Nettoumsatz stieg um 16,8% auf 522 Millionen Dollar, angetrieben durch ein Wachstum von 21,6% im Verkaufsvolumen von Eigenheimen. Die Bruttogewinnspanne für werksgebauten Wohnraum verbesserte sich von 22,4% im Vorjahr auf 23,6%, während die Bruttogewinnspanne für Finanzdienstleistungen von 36,8% auf 55,5% anstieg.
Das Unternehmen erzielte vor Steuern ein Einkommen von 69,3 Millionen Dollar, was einem Anstieg von 57,9% entspricht, und das verwässerte EPS stieg um 62% auf 6,90 Dollar. Die Auslastung der Produktionskapazität erhöhte sich von 60% im Vorjahr auf 75%. Die Auftragsbestände beliefen sich auf 224 Millionen Dollar, was 6-8 Wochen Produktion entspricht. Im Laufe des Quartals führte das Unternehmen 42 Millionen Dollar an Aktienrückkäufen durch.
- Net revenue increased 16.8% to $522 million
- Home sales volume grew 21.6%
- Income before taxes up 57.9% to $69.3 million
- EPS increased 62% to $6.90
- Factory-built housing gross profit margin improved to 23.6%
- Financial services gross profit margin significantly improved to 55.5%
- Production capacity utilization increased to 75%
- Net factory-built housing revenue per home sold decreased 3.5% to $99,004
- Nine-month consolidated gross profit margin declined to 23.2% from 23.9%
Insights
Cavco's Q3 FY2025 results demonstrate robust operational execution and strategic positioning in the manufactured housing market. The
Three key developments merit attention: First, the
The
PHOENIX, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the third fiscal quarter ended December 28, 2024.
Quarterly Highlights
- Net revenue was
$522 million , up$75 million or16.8% compared to$447 million in the third quarter of the prior year, primarily on home sales volume growth. - Home sales volume is up 21.
6% and capacity utilization is up to approximately75% from approximately60% in the third quarter of the prior year. - Factory-built housing Gross profit as a percentage of Net revenue was
23.6% , compared to22.4% in the prior year period. - Financial services Gross profit as a percentage of Net revenue was
55.5% , compared to Gross profit of36.8% in the prior year period. - Income before income taxes was
$69.3 million , up$25.4 million , or57.9% compared to$43.9 million in the prior year period. - The effective tax rate was
18.6% with the difference from the statutory rate driven primarily by higher than expected production of Energy Star homes year to date. - Net income per diluted share attributable to Cavco common stockholders was
$6.90 , up62% , compared to$4.27 in the prior year quarter on higher Factory-built housing volume and stronger Financial services results. - Backlogs totaled
$224 million at the end of the quarter representing 6-8 weeks of production. - Stock repurchases were approximately
$42 million in the quarter.
Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "Our pre-tax profit improved significantly on increased home shipments and a strong recovery in Financial services. The outstanding EPS performance was further boosted by positive tax items and our continuing use of buybacks to manage the balance sheet.”
He continued, "While the third quarter is typically strong for our insurance operation, pricing and underwriting improvements implemented earlier in the year came to fruition and led to one of the strongest Financial services quarters in several years. In Factory-built housing, we executed our plan to utilize backlogs to ramp up production in anticipation of continued market improvement. Across the board, we are very well set-up going into the new calendar year.”
Financial Results
| Three Months Ended | |||||||||||
| ($ in thousands, except revenue per home sold) | December 28, 2024 | December 30, 2023 | Change | ||||||||
| Net revenue | |||||||||||
| Factory-built housing | $ | 500,860 | $ | 426,939 | $ | 73,921 | |||||
| Financial services | 21,180 | 19,830 | 1,350 | ||||||||
| $ | 522,040 | $ | 446,769 | $ | 75,271 | ||||||
| Factory-built modules sold | 8,378 | 6,806 | 1,572 | ||||||||
| Factory-built homes sold (consisting of one or more modules) | 5,059 | 4,160 | 899 | ||||||||
| Net factory-built housing revenue per home sold | $ | 99,004 | $ | 102,630 | $ | (3,626 | ) | (3.5)% | |||
| Nine Months Ended | |||||||||||
| ($ in thousands, except revenue per home sold) | December 28, 2024 | December 30, 2023 | Change | ||||||||
| Net revenue | |||||||||||
| Factory-built housing | $ | 1,445,251 | $ | 1,318,114 | $ | 127,137 | |||||
| Financial services | 61,849 | 56,560 | 5,289 | ||||||||
| $ | 1,507,100 | $ | 1,374,674 | $ | 132,426 | ||||||
| Factory-built modules sold | 24,168 | 21,124 | 3,044 | ||||||||
| Factory-built homes sold (consisting of one or more modules) | 14,693 | 12,990 | 1,703 | ||||||||
| Net factory-built housing revenue per home sold | $ | 98,363 | $ | 101,471 | $ | (3,108 | ) | (3.1)% | |||
- In the factory-built housing segment, the increase in Net revenue in both periods was due to higher home sales volume, partially offset by a decrease in Net revenue per home sold primarily caused by a lower proportion of homes sold through our Company-owned stores.
- Financial services segment Net revenue increased in both periods from higher insurance premiums.
| Three Months Ended | |||||||||||||
| ($ in thousands) | December 28, 2024 | December 30, 2023 | Change | ||||||||||
| Gross profit | |||||||||||||
| Factory-built housing | $ | 118,193 | $ | 95,756 | $ | 22,437 | |||||||
| Financial services | 11,757 | 7,295 | 4,462 | ||||||||||
| $ | 129,950 | $ | 103,051 | $ | 26,899 | ||||||||
| Gross profit as % of Net revenue | |||||||||||||
| Consolidated | 24.9 | % | 23.1 | % | N/A | ||||||||
| Factory-built housing | 23.6 | % | 22.4 | % | N/A | ||||||||
| Financial services | 55.5 | % | 36.8 | % | N/A | ||||||||
| Selling, general and administrative expenses | |||||||||||||
| Factory-built housing | $ | 60,409 | $ | 57,854 | $ | 2,555 | |||||||
| Financial services | 5,571 | 5,458 | 113 | ||||||||||
| $ | 65,980 | $ | 63,312 | $ | 2,668 | ||||||||
| Income from operations | |||||||||||||
| Factory-built housing | $ | 57,784 | $ | 37,902 | $ | 19,882 | |||||||
| Financial services | 6,186 | 1,837 | 4,349 | ||||||||||
| $ | 63,970 | $ | 39,739 | $ | 24,231 | ||||||||
| Nine Months Ended | |||||||||||||
| ($ in thousands) | December 28, 2024 | December 30, 2023 | Change | ||||||||||
| Gross profit | |||||||||||||
| Factory-built housing | $ | 333,223 | $ | 309,631 | $ | 23,592 | |||||||
| Financial services | 16,251 | 18,256 | (2,005 | ) | (11.0)% | ||||||||
| $ | 349,474 | $ | 327,887 | $ | 21,587 | ||||||||
| Gross profit as % of Net revenue | |||||||||||||
| Consolidated | 23.2 | % | 23.9 | % | N/A | (0.7)% | |||||||
| Factory-built housing | 23.1 | % | 23.5 | % | N/A | (0.4)% | |||||||
| Financial services | 26.3 | % | 32.3 | % | N/A | (6.0)% | |||||||
| Selling, general and administrative expenses | |||||||||||||
| Factory-built housing | $ | 181,569 | $ | 170,330 | $ | 11,239 | |||||||
| Financial services | 16,259 | 16,168 | 91 | ||||||||||
| $ | 197,828 | $ | 186,498 | $ | 11,330 | ||||||||
| Income from operations | |||||||||||||
| Factory-built housing | $ | 151,654 | $ | 139,301 | $ | 12,353 | |||||||
| Financial services | (8 | ) | 2,088 | (2,096 | ) | (100.4)% | |||||||
| $ | 151,646 | $ | 141,389 | $ | 10,257 | ||||||||
- In the factory-built housing segment, Gross profit as a percent of Net revenue for the three months increased due to lower input costs per unit and efficiencies gained on increased production, partially offset by lower average selling price. Gross profit as a percent of Net revenue for the nine months decreased due to lower average selling price, partially offset by lower input costs per unit.
- In the financial services segment, Gross profit and Income from operations for the three months increased due to higher insurance premiums and lower claim losses. Gross profit and Income from operations for the nine months decreased due to higher storm and fire activity, partially offset by higher insurance premiums.
- Selling, general and administrative expenses increased for both periods as a result of increases in variable compensation driven by higher incentive compensation and increases in expense from acquired retail locations, partially offset by lower legal expenses.
| Three Months Ended | ||||||||||
| ($ in thousands, except per share amounts) | December 28, 2024 | December 30, 2023 | Change | |||||||
| Interest Income | $ | 5,353 | $ | 5,234 | $ | 119 | ||||
| Net income attributable to Cavco common stockholders | $ | 56,462 | $ | 35,987 | $ | 20,475 | ||||
| Diluted net income per share | $ | 6.90 | $ | 4.27 | $ | 2.63 | ||||
| Nine Months Ended | ||||||||||
| ($ in thousands, except per share amounts) | December 28, 2024 | December 30, 2023 | Change | |||||||
| Interest Income | $ | 16,556 | $ | 15,664 | $ | 892 | ||||
| Net income attributable to Cavco common stockholders | $ | 134,706 | $ | 123,883 | $ | 10,823 | ||||
| Diluted net income per share | $ | 16.25 | $ | 14.34 | $ | 1.91 | ||||
Items ancillary to our core operations had the following impact on the results of operations:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| ($ in millions) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||||||
| Net revenue | ||||||||||||||||
| Unrealized (losses) gains recognized during the period on securities held in the financial services segment | $ | (2.4 | ) | $ | 0.4 | $ | (1.9 | ) | $ | 0.4 | ||||||
| Selling, general and administrative expenses | ||||||||||||||||
| Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer | — | (2.0 | ) | — | (3.0 | ) | ||||||||||
| Other income, net | ||||||||||||||||
| Unrealized (losses) gains on corporate equity securities | (0.2 | ) | 2.0 | (0.1 | ) | 0.3 | ||||||||||
Conference Call Details
Cavco's management will hold a conference call to review these results tomorrow, January 31, 2025, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register at here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.
About Cavco
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) comply with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating manufactured housing, privacy, the internet, and accounting matters; (ix) successfully defend against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 30, 2024 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
| December 28, 2024 | March 30, 2024 | ||||||
| ASSETS | (Unaudited) | ||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 362,863 | $ | 352,687 | |||
| Restricted cash, current | 15,178 | 15,481 | |||||
| Accounts receivable, net | 91,840 | 77,123 | |||||
| Short-term investments | 16,062 | 18,270 | |||||
| Current portion of consumer loans receivable, net | 33,242 | 20,713 | |||||
| Current portion of commercial loans receivable, net | 34,892 | 40,787 | |||||
| Current portion of commercial loans receivable from affiliates, net | 1,358 | 2,529 | |||||
| Inventories | 243,299 | 241,339 | |||||
| Prepaid expenses and other current assets | 79,253 | 82,870 | |||||
| Total current assets | 877,987 | 851,799 | |||||
| Restricted cash | 585 | 585 | |||||
| Investments | 18,287 | 17,316 | |||||
| Consumer loans receivable, net | 20,394 | 23,354 | |||||
| Commercial loans receivable, net | 51,305 | 45,660 | |||||
| Commercial loans receivable from affiliates, net | 6,798 | 2,065 | |||||
| Property, plant and equipment, net | 226,126 | 224,199 | |||||
| Goodwill | 121,969 | 121,934 | |||||
| Other intangibles, net | 27,068 | 28,221 | |||||
| Operating lease right-of-use assets | 35,248 | 39,027 | |||||
| Total assets | $ | 1,385,767 | $ | 1,354,160 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 26,088 | $ | 33,531 | |||
| Accrued expenses and other current liabilities | 259,134 | 239,736 | |||||
| Total current liabilities | 285,222 | 273,267 | |||||
| Operating lease liabilities | 31,472 | 35,148 | |||||
| Other liabilities | 7,206 | 7,759 | |||||
| Deferred income taxes | 4,642 | 4,575 | |||||
| Stockholders' equity | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 94 | 94 | |||||
| Treasury stock, at cost; 1,356,420 and 1,069,235 shares, respectively | (391,128 | ) | (274,693 | ) | |||
| Additional paid-in capital | 286,573 | 281,216 | |||||
| Retained earnings | 1,161,833 | 1,027,127 | |||||
| Accumulated other comprehensive loss | (147 | ) | (333 | ) | |||
| Total stockholders' equity | 1,057,225 | 1,033,411 | |||||
| Total liabilities and stockholders' equity | $ | 1,385,767 | $ | 1,354,160 | |||
CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||||||
| Net revenue | $ | 522,040 | $ | 446,769 | $ | 1,507,100 | $ | 1,374,674 | |||||||
| Cost of sales | 392,090 | 343,718 | 1,157,626 | 1,046,787 | |||||||||||
| Gross profit | 129,950 | 103,051 | 349,474 | 327,887 | |||||||||||
| Selling, general and administrative expenses | 65,980 | 63,312 | 197,828 | 186,498 | |||||||||||
| Income from operations | 63,970 | 39,739 | 151,646 | 141,389 | |||||||||||
| Interest income | 5,353 | 5,234 | 16,556 | 15,664 | |||||||||||
| Interest expense | (155 | ) | (842 | ) | (370 | ) | (1,365 | ) | |||||||
| Other income, net | 168 | (224 | ) | 315 | 557 | ||||||||||
| Income before income taxes | 69,336 | 43,907 | 168,147 | 156,245 | |||||||||||
| Income tax expense | (12,874 | ) | (7,920 | ) | (33,441 | ) | (32,274 | ) | |||||||
| Net income | 56,462 | 35,987 | 134,706 | 123,971 | |||||||||||
| Less: net income attributable to redeemable noncontrolling interest | — | — | — | 88 | |||||||||||
| Net income attributable to Cavco common stockholders | $ | 56,462 | $ | 35,987 | $ | 134,706 | $ | 123,883 | |||||||
| Net income per share attributable to Cavco common stockholders | |||||||||||||||
| Basic | $ | 6.97 | $ | 4.31 | $ | 16.42 | $ | 14.47 | |||||||
| Diluted | $ | 6.90 | $ | 4.27 | $ | 16.25 | $ | 14.34 | |||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 8,096,538 | 8,358,389 | 8,203,448 | 8,561,209 | |||||||||||
| Diluted | 8,186,814 | 8,432,471 | 8,291,647 | 8,640,288 | |||||||||||
CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||
| December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||
| Capital expenditures | $ | 5,434 | $ | 4,767 | $ | 15,253 | $ | 13,237 | |||
| Depreciation | $ | 4,407 | $ | 4,228 | $ | 13,151 | $ | 12,677 | |||
| Amortization of other intangibles | $ | 377 | $ | 392 | $ | 1,154 | $ | 1,177 | |||
For additional information, contact:
Mark Fusler
Corporate Controller and Investor Relations
investor_relations@cavco.com
Phone: 602-256-6263
On the Internet: www.cavcoindustries.com
FAQ
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