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.
Cavco Industries, Inc. (CVCO) has launched its first Environmental, Social, and Governance (ESG) website, reflecting its commitment to transparency and corporate responsibility. This initiative is part of its Affordable Homes Digital Marketplace and builds on the company's Corporate Responsibility Report established in 2021. The ESG site highlights Cavco's efforts in environmental stewardship, social responsibility, and corporate governance. The company aims to enhance the lives of homeowners and team members while maintaining high ethical standards. Further details on its policies and ESG commitments are available at cavcohomes.com/esg.
Cavco Industries (CVCO) reported financial results for the third fiscal quarter ended December 31, 2022, with net revenue rising to $501 million, a 16.0% increase from $432 million year-over-year. Income before income taxes surged 29% to $76 million. Gross profit as a percentage of net revenue was 26.4%. Net income per diluted share fell to $6.66 from $8.57, partly due to prior year tax credits. Backlogs decreased 34% sequentially to $427 million. The company repurchased $34 million in shares and completed the acquisition of Solitaire Homes for $93 million, strengthening its market position.
Cavco Industries, Inc. (CVCO) will report its earnings for the third quarter ending December 31, 2022, on February 2, 2023, after the market closes. A live webcast with senior management will be held on February 3, 2023, at 1:00 p.m. Eastern Time to discuss the results. Cavco, one of the largest producers of manufactured and modular homes in the U.S., offers a wide range of housing products and financial services through its subsidiaries, including CountryPlace Mortgage and Standard Casualty. Investors and interested parties can participate in the webcast via the company's investor relations website.
Cavco Industries (CVCO) has launched cavcohomes.com, a new consumer-friendly marketplace for affordable homes. This platform showcases homes from six notable brands and offers accessible features like floor plans, videos, and virtual tours, enhancing the home-buying experience. CEO Bill Boor emphasizes the company’s commitment to addressing the affordable housing crisis in America. The launch represents a significant step in consolidating Cavco's brand presence and facilitating growth. The site uses modern technology, including Elasticsearch and a React-based framework, to integrate real-time inventory and pricing, ultimately aiming to streamline the buying process.
Cavco Industries, Inc. (CVCO) has successfully completed the acquisition of Solitaire, Inc. for $93 million as of January 3, 2023. This strategic purchase enhances Cavco's operations, adding four manufacturing facilities and twenty-two retail locations across the Southwestern U.S. President Bill Boor emphasized the solid reputation of Solitaire Homes and the promising synergies expected from this integration. The acquisition is funded through cash reserves, positioning Cavco for potential revenue growth in the factory-built housing market.
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