Legacy Housing Corporation Reports Full Year 2024 Financial Results
Legacy Housing (NASDAQ: LEGH) has released its full-year 2024 financial results, showing mixed performance. Net revenue decreased 2.6% to $184.2 million, while income from operations declined 1.5% to $63.6 million compared to 2023.
However, the company reported positive metrics with net income increasing 13.2% to $61.6 million and basic earnings per share rising 14.3% to $2.55. The company's book value grew 13.1% to $494.0 million, with book value per share increasing 13.9% to $20.40.
CEO Duncan Bates highlighted strong demand for affordable housing and expressed confidence in Legacy's positioning for 2025, noting the company's integrated business model and successful capital deployment strategy, which has led to a nearly 60% increase in book value over the past three years.
Legacy Housing (NASDAQ: LEGH) ha pubblicato i risultati finanziari per l'intero anno 2024, mostrando una performance mista. Il fatturato netto è diminuito del 2,6% a $184,2 milioni, mentre il reddito operativo è sceso dell'1,5% a $63,6 milioni rispetto al 2023.
Tuttavia, l'azienda ha riportato metriche positive con l'utile netto che è aumentato del 13,2% a $61,6 milioni e l'utile per azione di base che è salito del 14,3% a $2,55. Il valore contabile dell'azienda è cresciuto del 13,1% a $494,0 milioni, con il valore contabile per azione che è aumentato del 13,9% a $20,40.
Il CEO Duncan Bates ha evidenziato la forte domanda di alloggi a prezzi accessibili ed ha espresso fiducia nella posizione di Legacy per il 2025, notando il modello di business integrato dell'azienda e la strategia di distribuzione del capitale di successo, che ha portato a un incremento di quasi il 60% del valore contabile negli ultimi tre anni.
Legacy Housing (NASDAQ: LEGH) ha publicado sus resultados financieros del año completo 2024, mostrando un rendimiento mixto. Los ingresos netos disminuyeron un 2.6% a $184.2 millones, mientras que los ingresos operativos cayeron un 1.5% a $63.6 millones en comparación con 2023.
Sin embargo, la compañía reportó métricas positivas, con la utilidad neta aumentando un 13.2% a $61.6 millones y las ganancias básicas por acción subiendo un 14.3% a $2.55. El valor contable de la compañía creció un 13.1% a $494.0 millones, con el valor contable por acción aumentando un 13.9% a $20.40.
El CEO Duncan Bates destacó la fuerte demanda de vivienda asequible y expresó confianza en la posición de Legacy para 2025, señalando el modelo de negocio integrado de la compañía y la exitosa estrategia de implementación de capital, que ha llevado a un aumento de casi el 60% en el valor contable en los últimos tres años.
레거시 하우징 (NASDAQ: LEGH)이 2024년 전체 연도 재무 결과를 발표했으며, 혼합된 성과를 보여주었습니다. 순수익은 2.6% 감소하여 1억 8420만 달러에 이르렀고, 영업 이익은 1.5% 감소하여 6360만 달러로 2023년과 비교되었습니다.
그러나 회사는 순이익이 13.2% 증가하여 6160만 달러에 이르고, 기본 주당 순이익이 14.3% 증가하여 2.55달러에 도달했다고 보고했습니다. 회사의 장부 가치는 13.1% 증가하여 4억 9400만 달러에 이르고, 주당 장부 가치는 13.9% 증가하여 20.40달러에 이르렀습니다.
CEO 던컨 베이츠는 저렴한 주택에 대한 강한 수요를 강조하며, 2025년을 대비한 레거시의 위치에 대한 자신감을 표현했습니다. 그는 회사의 통합 비즈니스 모델과 성공적인 자본 배치 전략을 언급하며, 지난 3년 동안 장부 가치가 거의 60% 증가했다고 밝혔습니다.
Legacy Housing (NASDAQ: LEGH) a publié ses résultats financiers pour l'année complète 2024, montrant une performance mitigée. Le chiffre d'affaires net a diminué de 2,6% pour atteindre 184,2 millions de dollars, tandis que le résultat d'exploitation a reculé de 1,5% à 63,6 millions de dollars par rapport à 2023.
Cependant, l'entreprise a rapporté des indicateurs positifs avec le résultat net augmentant de 13,2% pour atteindre 61,6 millions de dollars et le bénéfice de base par action augmentant de 14,3% pour atteindre 2,55 dollars. La valeur comptable de l'entreprise a crû de 13,1% pour atteindre 494,0 millions de dollars, tandis que la valeur comptable par action a augmenté de 13,9% pour atteindre 20,40 dollars.
Le PDG Duncan Bates a souligné la forte demande de logements abordables et a exprimé sa confiance dans la position de Legacy pour 2025, notant le modèle commercial intégré de l'entreprise et la stratégie de déploiement de capital réussie, qui a conduit à une augmentation de près de 60% de la valeur comptable au cours des trois dernières années.
Legacy Housing (NASDAQ: LEGH) hat seine Finanzzahlen für das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Nettoumsatz sank um 2,6% auf 184,2 Millionen Dollar, während der Betriebsgewinn um 1,5% auf 63,6 Millionen Dollar im Vergleich zu 2023 zurückging.
Das Unternehmen berichtete jedoch von positiven Kennzahlen, da der Nettogewinn um 13,2% auf 61,6 Millionen Dollar stieg und der Basisgewinn pro Aktie um 14,3% auf 2,55 Dollar zunahm. Der Buchwert des Unternehmens wuchs um 13,1% auf 494,0 Millionen Dollar, wobei der Buchwert pro Aktie um 13,9% auf 20,40 Dollar anstieg.
CEO Duncan Bates hob die starke Nachfrage nach erschwinglichem Wohnraum hervor und äußerte Vertrauen in die Position von Legacy für 2025, wobei er das integrierte Geschäftsmodell des Unternehmens und die erfolgreiche Kapitalverwendungstrategie erwähnte, die in den letzten drei Jahren zu einem nahezu 60%igen Anstieg des Buchwerts geführt hat.
- Net income increased 13.2% to $61.6 million
- Basic EPS grew 14.3% to $2.55
- Book value rose 13.1% to $494.0 million
- Book value per share increased 13.9% to $20.40
- 60% book value growth over past three years
- Net revenue declined 2.6% to $184.2 million
- Income from operations decreased 1.5% to $63.6 million
Insights
Legacy Housing 's 2024 results present a nuanced picture that merits careful investor attention. While the company experienced modest top-line pressure with revenue declining
The divergence between revenue and profit trends highlights Legacy's operational efficiency improvements. Despite selling slightly less, the company extracted significantly more profit from each sale, suggesting potential benefits from cost discipline, product mix optimization, or structural improvements. The operating margin contracted only marginally despite the revenue decrease, indicating resilient core operations.
Perhaps most telling is the substantial
The affordable housing sector remains supply-constrained nationwide, providing Legacy with a stable demand environment despite broader economic uncertainties. Management's focus on their "integrated business model" suggests vertical integration advantages that may continue to support margins even if industry headwinds persist.
While the revenue decline warrants monitoring in upcoming quarters, the substantial profit growth and strengthening balance sheet position Legacy well for 2025, creating a balanced overall financial picture.
Looking beyond the headline metrics, Legacy Housing's 2024 performance reveals exceptional operating leverage that overshadows the modest revenue contraction. The company maintained an impressive operating margin of ~34.5% despite the top-line pressure, which positions it favorably against industry averages in the manufactured housing sector.
The
The book value accumulation trend is especially compelling from a valuation perspective. At
Legacy's focus on capital deployment "at high rates of return" aligns with their strategy as both a manufacturer and financier in the affordable housing space. This vertical integration likely provides cushioning against industry cyclicality and explains how they've maintained profitability despite top-line challenges.
However, investors should seek clarity on the specific drivers behind the revenue decline in the upcoming conference call, particularly whether it represents temporary market conditions, strategic decisions to focus on higher-margin business, or potential competitive pressures in their core markets.
BEDFORD, Texas, March 12, 2025 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ: LEGH) today announced its financial results for the full year end December 31, 2024.
Financial Highlights
- Net revenue for the year ended 2024 was
$184.2 million , a decrease of2.6% from the year ended 2023. - Income from operations for the year ended 2024 was
$63.6 million , a decrease of1.5% from the year ended 2023. - Net income for the year ended 2024 was
$61.6 million , an increase of13.2% from the year ended 2023. - Basic earnings per share for the year ended 2024 was
$2.55 , an increase of14.3% from the year ended 2023. - Book value for year ended 2024 was
$494.0 million , an increase of13.1% from the year ended 2023. - Book value per share1 for the year ended 2024 was
$20.40 , an increase of13.9% from the year ended 2023.
Duncan Bates, President and Chief Executive Officer, stated: “Affordable housing remains a critical need in the United States and demand is strong. Legacy is well positioned for 2025. Our integrated business model provides numerous opportunities to deploy capital at high rates of return and compound shareholder value. Over the last three years, we have increased book value by nearly
This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Conference Call Information
Management will host a conference call to discuss the results at 10:00 AM Central Time on Thursday, March 13, 2025. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details A live webcast of the call can be accessed using this link.
About Legacy Housing Corporation
Legacy builds, sells, and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is one of the largest producers of manufactured homes in the United States. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at retail, from approximately
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.
Investor Inquiries:
Duncan Bates, (817) 799-4837
duncanbates@legacyhousingcorp.com
Media Inquiries:
Kira Hovancik, (817) 799-4905
pr@legacyhousingcorp.com
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1 Book value per share is a non-GAAP financial measure, and we define book value per share as total stockholders’ equity divided by basic weighted-average common shares outstanding.
2 Calculation based on calendar years 2022-2024.
FAQ
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