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) is set to release its earnings report for the fourth quarter and fiscal year ending April 2, 2022, on May 26, 2022, after market close. A live webcast conference call will follow on May 27, 2022, at 1:00 p.m. Eastern Time, where management will discuss the results. The company is a leading producer of factory-built housing products in the U.S. and operates a finance subsidiary, CountryPlace Mortgage, as well as an insurance subsidiary, Standard Casualty.
Cavco Industries, Inc. (Nasdaq: CVCO) has finalized the acquisition of a 184,000 square-foot manufacturing facility in Hamlet, North Carolina, expanding its capabilities to produce homes under the U.S. Department of Housing and Urban Development (HUD) standards. The acquisition aims to enhance affordable housing supply, with production expected to commence in Q4 2022. Existing employees will be retained, and additional jobs are anticipated with the facility's conversion. The deal was funded with Cavco's internal capital, emphasizing a strategic growth trajectory for the company.
Cavco Industries (CVCO) has signed an agreement to acquire a 184,000 square-foot manufacturing facility in Hamlet, North Carolina. This facility will produce homes compliant with HUD standards, increasing Cavco's production capability to 27 lines and addressing the growing demand for affordable housing. The acquisition is expected to complete renovations by summer 2022, with production starting in Q4 2022. Existing Volumetric Building Companies employees will be offered continued employment, and additional job opportunities are anticipated with the facility's expansion.
Cavco Industries, Inc. (CVCO) reported third fiscal quarter results ending January 1, 2022, with record net revenue of $432 million and net income of $80 million. The company benefited from a $29.9 million tax credit related to energy-efficient homes. The acquisition of Commodore contributed $73 million in revenue. Earnings per diluted share reached $8.57, significantly up from $2.12 last year. Backlogs hit $1.1 billion, reflecting strong demand despite facing supply chain challenges. Factory utilization improved to 80%, meeting pre-pandemic levels.
Cavco Industries will release its earnings for the third quarter ending January 1, 2022, on February 3, 2022, after market close. A live discussion will follow on February 4, 2022, at 1:00 p.m. ET. The company is a leading manufacturer of factory-built housing products, including manufactured homes and park model RVs. It operates through various brand names and has a finance subsidiary for mortgage services and an insurance subsidiary for property and casualty coverage.
Cavco Industries (CVCO) reported strong financial results for Q2 fiscal 2022, with net revenue reaching $360 million and net income at $38 million. This marks a 39.4% year-over-year revenue increase. The acquisition of The Commodore Corporation contributed an additional $279 million to backlogs, which totalled $1.1 billion at quarter-end. Earnings per diluted share surged to $4.06, up from $1.62 in the same quarter last year. Gross profit as a percentage of net revenue improved to 25.0% despite ongoing supply chain challenges.
Cavco Industries, Inc. (CVCO) is set to release its earnings for the second quarter, ending October 2, 2021, on November 4, 2021, after market close. A live discussion of the financial results is scheduled for November 5, 2021, at 1:00 p.m. ET. The company, known for its factory-built housing products and as one of the largest manufacturers of manufactured homes in the U.S., operates various brand names and offers financing and insurance services. Interested parties can listen to the webcast through their investor relations website.
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