Legacy Housing Corporation Reports Third Quarter 2024 Financial Results
Legacy Housing (LEGH) reported its Q3 2024 financial results, showing mixed performance. Net revenue decreased 11.4% to $44.3 million, while income from operations fell 19.4% to $15.3 million compared to Q3 2023. Net income saw a slight decrease of 1.8% to $15.8 million, with basic EPS at $0.65. However, book value increased 11.6% to $479.3 million, with book value per share up 12.7% to $19.84. The company reported strong customer attendance at their 2024 Fall Show, with orders extending their backlog into Q1 2025.
Legacy Housing (LEGH) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando una performance mista. I ricavi netti sono diminuiti dell'11,4% a 44,3 milioni di dollari, mentre il reddito operativo è calato del 19,4% a 15,3 milioni di dollari rispetto al terzo trimestre del 2023. Il reddito netto ha registrato una leggera diminuzione dell'1,8% a 15,8 milioni di dollari, con un utile per azione base di $0,65. Tuttavia, il valore contabile è aumentato dell'11,6% a 479,3 milioni di dollari, con un valore contabile per azione in aumento del 12,7% a $19,84. L'azienda ha riportato un'ottima partecipazione dei clienti al loro Fall Show 2024, con ordini che hanno esteso il loro backlog fino al primo trimestre del 2025.
Legacy Housing (LEGH) informó sus resultados financieros del tercer trimestre de 2024, mostrando un rendimiento mixto. Los ingresos netos disminuyeron un 11.4% a $44.3 millones, mientras que la renta de operaciones cayó un 19.4% a $15.3 millones en comparación con el tercer trimestre de 2023. La renta neta experimentó una ligera disminución del 1.8% a $15.8 millones, con un beneficio por acción básico de $0.65. Sin embargo, el valor contable incrementó un 11.6% a $479.3 millones, con el valor contable por acción subiendo un 12.7% a $19.84. La empresa reportó una fuerte asistencia de clientes en su Fall Show 2024, con pedidos que han extendido su backlog hasta el primer trimestre de 2025.
Legacy Housing (LEGH)는 2024년 3분기 재무 결과를 발표하며 혼합된 실적을 나타냈습니다. 순수익은 11.4% 감소하여 $44.3 백만에 이르렀고, 운영 수익은 19.4% 감소하여 $15.3 백만에 도달했습니다. 순이익은 1.8% 소폭 감소하여 $15.8 백만에 이르렀으며, 기본 주당 순이익은 $0.65입니다. 그러나 장부 가치는 11.6% 증가하여 $479.3 백만에 도달했으며, 주당 장부 가치는 12.7% 증가하여 $19.84에 도달했습니다. 회사는 2024 가을 전시회에서 고객의 강한 참석률을 보고하며 주문이 2025년 1분기로 연기되었음을 알렸습니다.
Legacy Housing (LEGH) a publié ses résultats financiers du troisième trimestre 2024, montrant une performance mitigée. Le chiffre d'affaires net a diminué de 11,4 % pour atteindre 44,3 millions de dollars, tandis que le revenu d'exploitation a chuté de 19,4 % pour s'établir à 15,3 millions de dollars par rapport au troisième trimestre 2023. Le revenu net a connu une légère baisse de 1,8 % pour atteindre 15,8 millions de dollars, avec un bénéfice par action de base de $0,65. Cependant, la valeur comptable a augmenté de 11,6 % pour atteindre 479,3 millions de dollars, avec la valeur comptable par action en hausse de 12,7 % à $19,84. L'entreprise a signalé une forte participation des clients à son salon d'automne 2024, avec des commandes prolongeant son carnet de commandes jusqu'au premier trimestre 2025.
Legacy Housing (LEGH) berichtete über die Finanzzahlen des dritten Quartals 2024 und zeigte eine gemischte Leistung. Der Nettoumsatz sank um 11,4% auf 44,3 Millionen Dollar, während das Betriebsergebnis um 19,4% auf 15,3 Millionen Dollar im Vergleich zum dritten Quartal 2023 zurückging. Der Nettogewinn verzeichnete einen leichten Rückgang von 1,8% auf 15,8 Millionen Dollar, mit einem grundlegenden Gewinn pro Aktie von $0,65. Der Buchwert hingegen stieg um 11,6% auf 479,3 Millionen Dollar, der Buchwert pro Aktie erhöhte sich um 12,7% auf $19,84. Das Unternehmen berichtete von einer starken Kundenbindung auf seiner Herbstmesse 2024, wobei die Bestellungen den Auftragsbestand bis ins erste Quartal 2025 verlängerten.
- Book value increased 11.6% to $479.3 million
- Book value per share grew 12.7% to $19.84
- Strong order backlog extending into Q1 2025
- Net revenue declined 11.4% to $44.3 million
- Income from operations decreased 19.4% to $15.3 million
- Net income fell 1.8% to $15.8 million
- Basic EPS decreased 1.5% to $0.65
Insights
Legacy Housing's Q3 results show concerning trends with
The company's strategic pivot towards younger homebuyers and strong order backlog extending into Q1 2025 are positive indicators. With housing affordability at historic lows, Legacy's manufactured homes position them well in the affordable housing segment. The robust book value per share growth of
BEDFORD, Texas, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the third quarter ended September 30, 2024.
Financial Highlights
- Net revenue for the third quarter of 2024 was
$44.3 million , a decrease of11.4% from the third quarter of 2023. - Income from operations for the third quarter of 2024 was
$15.3 million , a decrease of19.4% from the third quarter of 2023. - Net income for the third quarter of 2024 was
$15.8 million , a decrease of1.8% from the third quarter of 2023. - Basic earnings per share for the third quarter of 2024 was
$0.65 , a decrease of1.5% from the third quarter of 2023. - Book value for the third quarter of 2024 was
$479.3 million , an increase of11.6% from the third quarter of 2023. - Book value per share1 for the third quarter of 2024 was
$19.84 , an increase of12.7% from the third quarter of 2023.
Duncan Bates, President and Chief Executive Officer, stated: “Legacy hosted a record number of customers at our 2024 Fall Show in late September. We showcased updated interior and exterior finishes to match the preferences of younger homebuyers. The changes were very well received, and orders written at the show pushed our backlog into the first quarter of 2025. Our team continues to execute on strategic initiatives and believes the market for our products will continue to strengthen into 2025 as housing affordability hovers near all-time lows.”
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.
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.
Conference Call Information
Management will host a conference call to discuss the results at 10:00 AM Central Time on Wednesday, November 13, 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
FAQ
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