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.
Turtle Beach Corporation (Nasdaq: HEAR) has appointed Julia Sze to its Board of Directors, indicating a strategic shift in leadership. With over 25 years in capital markets and investment management, Sze's expertise is expected to enhance the Board's perspective on strategy and capital allocation. This appointment aligns with the company’s cooperation agreement with The Donerail Group LP, which has resulted in the replacement of a majority of Board members in the past seven months. Currently, the Board consists of nine directors, eight of whom are independent.
Cavco Industries (CVCO) reported strong financial results for Q2 fiscal 2023, with net revenue soaring 60.6% to $577 million and net income rising 97.1% to $74 million. Earnings per diluted share jumped to $8.25. The company initiated operations at a new plant in Glendale, Arizona, and advanced its acquisition of Solitaire Homes for $93 million, enhancing its market position in the Southwest. However, backlogs diminished by $347 million sequentially, largely due to reduced home order rates amidst economic pressures like rising interest rates and inflation.
Cavco Industries (Nasdaq: CVCO) announced a binding offer to acquire Solitaire Homes for $93 million. This acquisition includes four manufacturing facilities, twenty-two retail locations, and dedicated transportation operations. Solitaire Homes, based in Duncan, Oklahoma, reported pro-forma earnings before taxes and depreciation of $16.5 million for the calendar year ending December 31, 2021. The deal aims to enhance Cavco's operational capabilities, expand its geographic footprint, and is anticipated to be accretive to earnings and cash flow.
Cavco Industries, Inc. (CVCO) will release its second-quarter earnings on November 3, 2022, following the market's close. Management will discuss these results in a live webcast on November 4, 2022, at 1:00 p.m. ET. Cavco is a leader in factory-built housing, operating under various brand names and offering products like manufactured homes and RVs. The company also provides finance and insurance services through its subsidiaries.
Cavco Industries has opened a new 184,000-square-foot manufacturing facility in Hamlet, North Carolina, enhancing its capacity to produce affordable homes.
Acquired from Volumetric Building Companies, this facility aims to address the housing demand, with plans to hire former VBC employees and expand job opportunities. Cavco has a robust network with 27 plants nationwide, delivering over 16,700 homes in fiscal 2022 and holding a 14% market share as the third-largest U.S. builder of manufactured homes.
Cavco Industries (CVCO) announced that the U.S. District Court for Arizona approved a settlement regarding the SEC's action against the company. This action stemmed from 2017 securities trading by former CEO Joseph Stegmayer, resulting in an unrealized gain of approximately $265,000. The settlement includes a $1.5 million monetary penalty and an injunction against future violations of securities laws. The settlement resolves the company's claims, with former CFO Daniel Urness remaining as the only defendant. CEO Bill Boor expressed satisfaction with the resolution.
Cavco Industries (CVCO) reported record net revenue of $588 million and net income of $60 million for Q1 fiscal 2023, significantly up from the previous year. Gross profit increased to 24.6% of net revenue, driven by strong factory-built housing performance. Earnings per diluted share rose to $6.63, a 127.1% increase. The company’s backlog grew to $1.0 billion, aided by the acquisition of Commodore. A new $100 million stock repurchase program was approved, and plans for a new manufacturing facility in North Carolina are underway.
Cavco Industries, Inc. (CVCO) will announce its earnings for Q1 ending July 2, 2022, on August 4, 2022, post-market. A live webcast is scheduled for August 5, 2022, at 1:00 p.m. ET, where senior management will discuss the results. Cavco is a prominent manufacturer of factory-built housing products in the U.S., known for brands like Fleetwood and Palm Harbor. The company also operates a finance subsidiary, CountryPlace Mortgage, and an insurance subsidiary, Standard Casualty, focusing on manufactured home owners.
Cavco Industries showcased its commitment to affordable housing by presenting a manufactured home on the National Mall during the Manufactured Housing Institute’s "Homes on the Hill" initiative from June 7-12, 2022. The Fleetwood Homes facility in Rocky Mount, Virginia, produced the Pegasus model, a two-bedroom home designed to highlight the value of manufactured housing. CEO Bill Boor engaged with government officials to advocate for policies supporting affordable home ownership. Manufactured housing is noted as the largest form of unsubsidized affordable housing in the U.S., impacting 22 million people.
Cavco Industries reported record-breaking fourth-quarter and full-year financial results for the fiscal year ending April 2, 2022. The company achieved a net revenue of $505 million and net income of $54 million, with earnings per diluted share reaching $5.80, a 114% increase year-over-year. The acquisition of Commodore contributed significantly to an increase in backlogs, now at $1.1 billion. The company also announced a new $100 million stock repurchase program, emphasizing its commitment to returning value to shareholders while investing in growth.
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