Legacy Housing Corporation Reports Second Quarter 2024 Financial Results

Rhea-AI Summary

Legacy Housing (NASDAQ: LEGH) reported its Q2 2024 financial results. Net revenue decreased 19.3% to $42.5 million, while net income increased 7.8% to $16.2 million compared to Q2 2023. Basic earnings per share rose 8.7% to $0.67. The company's book value grew 12.1% to $463.2 million, with book value per share up 13.2% to $19.17.

During Q2, Legacy repurchased 170,342 shares at an average price of $20.53. The Board authorized an additional $10 million for share repurchases. CEO Duncan Bates noted improving demand and emphasized accelerating sales volume as a top priority.

Positive

• Net income increased 7.8% year-over-year to $16.2 million
• Basic earnings per share rose 8.7% to $0.67
• Book value grew 12.1% to $463.2 million
• Book value per share increased 13.2% to $19.17
• Board authorized additional $10 million for share repurchases

Negative

• Net revenue decreased 19.3% year-over-year to $42.5 million
• Income from operations decreased 8.4% compared to Q2 2023

BEDFORD, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the second quarter ended June 30, 2024.

Financial Highlights

• Net revenue for the second quarter of 2024 was $42.5 million, a decrease of 19.3% from the second quarter of 2023.
• Income from operations for the second quarter of 2024 was $16.0 million, a decrease of 8.4% from the second quarter of 2023.
• Net income for the second quarter of 2024 was $16.2 million, an increase of 7.8% from the second quarter of 2023.
• Basic earnings per share for the second quarter of 2024 was $0.67, an increase of 8.7% from the second quarter of 2023.
• Book value for the second quarter of 2024 was $463.2 million, an increase of 12.1% from the second quarter of 2023.
• Book value per share¹ for the second quarter of 2024 was $19.17, an increase of 13.2% from the second quarter of 2023.
• The Company repurchased 170,342 shares of common stock at an average price of $20.53 during the second quarter of 2024. On August 6, 2024, our Board of Directors authorized the repurchase of an additional $10.0 million of the Company’s common stock under the share repurchase program.
  

Duncan Bates, President and Chief Executive Officer, stated: “Our team continues to make progress across all aspects of the business. Demand is improving and our top priority is accelerating sales volume. We continue to monetize non-core assets and diligently manage expenses. Resolving yesterday’s challenges has been time consuming but positions us well for the future. I am thrilled with the team we have built and opportunities ahead.”

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 Friday, August 9, 2024. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details.

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 the fourth largest producer of manufactured homes in the United States as ranked by the number of homes manufactured based on information available from the Manufactured Housing Institute and the Institute for Building Technology and Safety. 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 $33,000 to $180,000.

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.

FAQ

What was Legacy Housing's (LEGH) net revenue for Q2 2024?

Legacy Housing's net revenue for Q2 2024 was $42.5 million, a 19.3% decrease from Q2 2023.

How much did Legacy Housing's (LEGH) net income increase in Q2 2024?

Legacy Housing's net income increased by 7.8% to $16.2 million in Q2 2024 compared to Q2 2023.

What was Legacy Housing's (LEGH) earnings per share for Q2 2024?

Legacy Housing's basic earnings per share for Q2 2024 was $0.67, an 8.7% increase from Q2 2023.

How many shares did Legacy Housing (LEGH) repurchase in Q2 2024?

Legacy Housing repurchased 170,342 shares of common stock at an average price of $20.53 during Q2 2024.

What additional share repurchase authorization did Legacy Housing (LEGH) announce?

On August 6, 2024, Legacy Housing's Board of Directors authorized the repurchase of an additional $10.0 million of the Company's common stock.