Legacy Housing Corporation Reports Second Quarter 2024 Financial Results
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.
Legacy Housing (NASDAQ: LEGH) ha riportato i risultati finanziari del secondo trimestre 2024. Il fatturato netto è diminuito del 19,3% a $42,5 milioni, mentre l'utile netto è aumentato del 7,8% a $16,2 milioni rispetto al secondo trimestre 2023. Gli utili per azione di base sono aumentati dell'8,7% a $0,67. Il valore contabile dell'azienda è cresciuto del 12,1% a $463,2 milioni, con il valore contabile per azione aumentato del 13,2% a $19,17.
Durante il secondo trimestre, Legacy ha riacquistato 170.342 azioni a un prezzo medio di $20,53. Il Consiglio ha autorizzato ulteriori $10 milioni per il riacquisto di azioni. Il CEO Duncan Bates ha sottolineato la crescente domanda e ha enfatizzato l'accelerazione del volume delle vendite come una priorità assoluta.
Legacy Housing (NASDAQ: LEGH) informó sus resultados financieros del segundo trimestre de 2024. Los ingresos netos disminuyeron un 19.3% a $42.5 millones, mientras que el ingreso neto aumentó un 7.8% a $16.2 millones en comparación con el segundo trimestre de 2023. Las ganancias por acción básicas crecieron un 8.7% a $0.67. El valor contable de la empresa creció un 12.1% a $463.2 millones, y el valor contable por acción aumentó un 13.2% a $19.17.
Durante el segundo trimestre, Legacy recompró 170,342 acciones a un precio promedio de $20.53. La Junta autorizó otros $10 millones para recompras de acciones. El CEO Duncan Bates destacó la creciente demanda y subrayó la aceleración del volumen de ventas como una prioridad principal.
레거시 하우징 (NASDAQ: LEGH)은 2024년 2분기 재무 결과를 발표했습니다. 순수익은 19.3% 감소하여 4,250만 달러에 이르렀습니다, 반면에 순이익은 7.8% 증가하여 1,620만 달러에 달했습니다 (2023년 2분기 대비). 기초 주당 순이익이 8.7% 증가하여 0.67 달러에 이릅니다. 회사의 자본가치는 12.1% 증가하여 4억 6,320만 달러에 달했습니다, 주당 자본가치는 13.2% 증가하여 19.17 달러에 이릅니다.
2분기 동안 레거시는 평균 가격 20.53달러에 170,342주를 재매입했습니다. 이사회는 추가로 1천만 달러를 주식 재매입에 승인했습니다. CEO 던컨 베이츠는 수요의 증가를 언급하며, 판매량의 증대를 최우선 과제로 강조했습니다.
Legacy Housing (NASDAQ: LEGH) a publié ses résultats financiers du deuxième trimestre 2024. Le chiffre d'affaires net a diminué de 19,3% pour atteindre 42,5 millions de dollars, tandis que le résultat net a augmenté de 7,8% pour s'établir à 16,2 millions de dollars par rapport au deuxième trimestre 2023. Le bénéfice de base par action a augmenté de 8,7% pour atteindre 0,67 dollar. La valeur comptable de l'entreprise a augmenté de 12,1% pour atteindre 463,2 millions de dollars, avec une valeur comptable par action en hausse de 13,2% à 19,17 dollars.
Au cours du deuxième trimestre, Legacy a racheté 170 342 actions à un prix moyen de 20,53 dollars. Le Conseil a autorisé un montant supplémentaire de 10 millions de dollars pour le rachat d'actions. Le PDG Duncan Bates a souligné l'amélioration de la demande et a insisté sur l'accélération du volume des ventes comme une priorité absolue.
Legacy Housing (NASDAQ: LEGH) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben. Der Nettoumsatz sank um 19,3% auf 42,5 Millionen Dollar, während der Nettogewinn um 7,8% auf 16,2 Millionen Dollar anstieg im Vergleich zum 2. Quartal 2023. Der Gewinn pro Aktie stieg um 8,7% auf 0,67 Dollar. Der Buchwert des Unternehmens wuchs um 12,1% auf 463,2 Millionen Dollar, mit einem Buchwert pro Aktie, der um 13,2% auf 19,17 Dollar anstieg.
Im 2. Quartal kaufte Legacy 170.342 Aktien zu einem durchschnittlichen Preis von 20,53 Dollar zurück. Der Vorstand genehmigte zusätzlich 10 Millionen Dollar für Aktienrückkäufe. CEO Duncan Bates betonte die steigende Nachfrage und erklärte die Steigerung des Verkaufsvolumens zur obersten Priorität.
- 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
- Net revenue decreased 19.3% year-over-year to $42.5 million
- Income from operations decreased 8.4% compared to Q2 2023
Insights
Legacy Housing's Q2 2024 results present a mixed financial picture. The
The
While the revenue decline is concerning, the improving demand mentioned by the CEO could signal a potential turnaround. Investors should monitor sales volume acceleration and the company's ability to maintain profitability in the face of revenue challenges.
Legacy Housing's Q2 results reflect the broader challenges in the housing market, likely influenced by high interest rates and economic uncertainty. The
The CEO's statement about improving demand is a positive signal, but it's important to see this translate into tangible sales growth in future quarters. The focus on monetizing non-core assets and expense management indicates a strategic approach to navigating the current market conditions.
Investors should keep an eye on industry trends, interest rate movements and Legacy's ability to capitalize on the reported improving demand. The company's performance relative to peers in the manufactured housing sector will be a key indicator of its market position and growth potential.
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 of19.3% from the second quarter of 2023. - Income from operations for the second quarter of 2024 was
$16.0 million , a decrease of8.4% from the second quarter of 2023. - Net income for the second quarter of 2024 was
$16.2 million , an increase of7.8% from the second quarter of 2023. - Basic earnings per share for the second quarter of 2024 was
$0.67 , an increase of8.7% from the second quarter of 2023. - Book value for the second quarter of 2024 was
$463.2 million , an increase of12.1% from the second quarter of 2023. - Book value per share1 for the second quarter of 2024 was
$19.17 , an increase of13.2% 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
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
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
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