Nobility Homes, Inc. Announces Sales and Earnings for Its First Quarter 2025
Nobility Homes (OTCQX:NOBH) reported its Q1 2025 financial results, showing a decline in performance. Sales decreased to $12.2 million from $14.8 million in Q1 2024. Net income fell to $2.0 million ($0.61 per share) from $2.3 million ($0.72 per share) year-over-year.
The company maintains a strong financial position with $29.6 million in cash and investments, zero debt, and working capital of $44.8 million. The Board declared a one-time cash dividend of $1.25 per share, payable April 14, 2025.
Management attributes the sales decline to higher mortgage interest rates affecting customer purchasing decisions, along with ongoing challenges including supplier delays, material shortages, and labor issues. Florida's manufactured housing industry shipments declined approximately 15% from November 2024 through January 2025 compared to the previous year.
Nobility Homes (OTCQX:NOBH) ha riportato i risultati finanziari del primo trimestre del 2025, evidenziando un calo delle performance. Le vendite sono diminuite a 12,2 milioni di dollari rispetto ai 14,8 milioni di dollari del primo trimestre del 2024. L'utile netto è sceso a 2,0 milioni di dollari (0,61 dollari per azione) rispetto ai 2,3 milioni di dollari (0,72 dollari per azione) dell'anno precedente.
L'azienda mantiene una solida posizione finanziaria con 29,6 milioni di dollari in contante e investimenti, zero debito e un capitale circolante di 44,8 milioni di dollari. Il Consiglio ha dichiarato un dividendo in contante una tantum di 1,25 dollari per azione, pagabile il 14 aprile 2025.
La direzione attribuisce il calo delle vendite ai tassi di interesse sui mutui più elevati che influenzano le decisioni di acquisto dei clienti, insieme a sfide in corso tra cui ritardi nei fornitori, carenze di materiali e problemi di lavoro. Le spedizioni nell'industria della casa prefabbricata della Florida sono diminuite di circa 15% da novembre 2024 a gennaio 2025 rispetto all'anno precedente.
Nobility Homes (OTCQX:NOBH) informó sus resultados financieros del primer trimestre de 2025, mostrando una disminución en el rendimiento. Las ventas cayeron a 12,2 millones de dólares desde 14,8 millones de dólares en el primer trimestre de 2024. El ingreso neto cayó a 2,0 millones de dólares (0,61 dólares por acción) desde 2,3 millones de dólares (0,72 dólares por acción) en comparación con el año anterior.
La compañía mantiene una sólida posición financiera con 29,6 millones de dólares en efectivo e inversiones, cero deudas y un capital de trabajo de 44,8 millones de dólares. La Junta declaró un dividendo en efectivo único de 1,25 dólares por acción, pagadero el 14 de abril de 2025.
La dirección atribuye la disminución de las ventas a las tasas de interés hipotecarias más altas que afectan las decisiones de compra de los clientes, junto con desafíos continuos que incluyen retrasos de proveedores, escasez de materiales y problemas laborales. Los envíos de la industria de viviendas manufacturadas de Florida disminuyeron aproximadamente 15% desde noviembre de 2024 hasta enero de 2025 en comparación con el año anterior.
노빌리티 홈즈 (OTCQX:NOBH)는 2025년 1분기 재무 결과를 보고하며 성과가 감소했음을 보여주었습니다. 매출은 2024년 1분기 1480만 달러에서 1220만 달러로 감소했습니다. 순이익은 230만 달러(주당 0.72달러)에서 200만 달러 (주당 0.61달러)로 감소했습니다.
회사는 2960만 달러의 현금 및 투자, 무부채, 4480만 달러의 운전 자본을 보유하며 강력한 재무 상태를 유지하고 있습니다. 이사회는 2025년 4월 14일 지급 예정인 주당 1.25달러의 일회성 현금 배당금을 선언했습니다.
경영진은 판매 감소를 고객의 구매 결정에 영향을 미치는 높은 주택 담보 대출 금리에 기인한다고 설명하며, 공급업체 지연, 자재 부족 및 노동 문제와 같은 지속적인 어려움이 있다고 덧붙였습니다. 플로리다의 조립식 주택 산업 출하량은 전년 대비 2024년 11월부터 2025년 1월까지 약 15% 감소했습니다.
Nobility Homes (OTCQX:NOBH) a publié ses résultats financiers du premier trimestre 2025, montrant un déclin de la performance. Les ventes ont diminué à 12,2 millions de dollars contre 14,8 millions de dollars au premier trimestre 2024. Le bénéfice net a chuté à 2,0 millions de dollars (0,61 dollar par action) contre 2,3 millions de dollars (0,72 dollar par action) d'une année sur l'autre.
L'entreprise maintient une solide position financière avec 29,6 millions de dollars en liquidités et investissements, aucune dette et un fonds de roulement de 44,8 millions de dollars. Le Conseil a déclaré un dividende en espèces exceptionnel de 1,25 dollar par action, payable le 14 avril 2025.
La direction attribue la baisse des ventes à des taux d'intérêt hypothécaires plus élevés qui influencent les décisions d'achat des clients, ainsi qu'à des défis continus tels que des retards de fournisseurs, des pénuries de matériaux et des problèmes de main-d'œuvre. Les expéditions de l'industrie du logement manufacturé en Floride ont diminué d'environ 15% de novembre 2024 à janvier 2025 par rapport à l'année précédente.
Nobility Homes (OTCQX:NOBH) hat seine finanziellen Ergebnisse für das erste Quartal 2025 veröffentlicht und zeigt einen Rückgang der Leistung. Die Verkäufe sanken auf 12,2 Millionen Dollar von 14,8 Millionen Dollar im ersten Quartal 2024. Der Nettogewinn fiel auf 2,0 Millionen Dollar (0,61 Dollar pro Aktie) von 2,3 Millionen Dollar (0,72 Dollar pro Aktie) im Jahresvergleich.
Das Unternehmen hält eine starke finanzielle Position mit 29,6 Millionen Dollar in Bargeld und Investitionen, null Schulden und einem Working Capital von 44,8 Millionen Dollar. Der Vorstand erklärte eine einmalige Barausschüttung von 1,25 Dollar pro Aktie, zahlbar am 14. April 2025.
Das Management führt den Rückgang der Verkäufe auf höhere Hypothekenzinsen zurück, die die Kaufentscheidungen der Kunden beeinflussen, sowie auf anhaltende Herausforderungen wie Lieferverzögerungen, Materialengpässe und Arbeitsprobleme. Die Lieferungen in der Fertighausindustrie Floridas sanken von November 2024 bis Januar 2025 im Vergleich zum Vorjahr um etwa 15%.
- Strong financial position with $29.6M in cash and investments and zero debt
- Healthy working capital of $44.8M with 6.1:1 current ratio
- Declared $1.25 per share cash dividend
- Book value per share increased to $17.93
- Q1 sales decreased 17.6% to $12.2M from $14.8M YoY
- Net income declined 13% to $2.0M from $2.3M YoY
- EPS dropped to $0.61 from $0.72 YoY
- Ongoing supply chain issues and labor shortages affecting production
- Higher interest rates negatively impacting sales
- Regional industry shipments down 15%
OCALA, FL / ACCESS Newswire / March 14, 2025 / Today Nobility Homes, Inc. (OTCQX:NOBH) announced sales and earnings for its first quarter ended February 1, 2025. Sales for the first quarter of 2025 were
Nobility's financial position during the first quarter of 2025 remains strong with cash and cash equivalents, certificates of deposit and short-term investments of
The Board of Directors on March 14, 2025 declared a one-time cash dividend of
Terry Trexler, President, stated, "Net sales decreased in first quarter of 2025 as compared to the prior year because of the decrease in the number of retail homes sold and manufactured. We believe the higher interest rates on mortgages are negatively impacting sales as compared to the prior year. There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility and the set-up process of retail homes in the field. Our inability to timely deliver and set up homes to customers has negatively impacted sales and earnings. We expect these challenges will continue into fiscal year 2025. The Company also continues to experience inflation in several building products resulting in increases in our material and labor costs which may increase the wholesale and retail selling prices of our homes. We believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment.
The current demand for affordable manufactured housing in Florida and the U.S. has slowed due to the interest rate environment and increased costs associated with mortgages. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2024 through January 2025 declined by approximately
Maintaining our strong financial position is vital for future growth and success. Our many years of experience in the Florida market, combined with home buyers' increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country."
On June 5, 2024, we celebrated our 57th anniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 34 years and an insurance agency subsidiary, we are the only vertically integrated manufactured home company headquartered in Florida.
MANAGEMENT WILL NOT HOLD A CONFERENCE CALL. IF YOU HAVE ANY QUESTIONS, PLEASE CALL TERRY OR TOM TREXLER @ 800-476-6624 EXT 121 OR TERRY@NOBILITYHOMES.COM OR TOM@NOBILITYHOMES.COM
Certain statements in this report are unaudited or forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the amounts and expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, the potential adverse impact on our business caused by competitive pricing pressures at both the wholesale and retail levels, inflation, tariffs, increasing material costs (including forest based products) or availability of materials due to supply chain interruptions (such as current inflation with forest products and supply issues with vinyl siding and PVC piping), changes in market demand, increase in interest rates, availability of financing for retail and wholesale purchasers, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, the impact of marketing and cost-management programs, the impact of higher interest rates on mortgage financing, reliance on the Florida economy, impact of labor shortage, impact of materials shortage, increasing labor cost, cyclical nature of the manufactured housing industry, impact of rising fuel costs, catastrophic events impacting insurance costs, availability of insurance coverage for various risks to Nobility, market demographics, management's ability to attract and retain executive officers and key personnel, increased global tensions, market disruptions resulting from terrorist attacks, or other events such as a pandemic, any armed conflict involving the United States and the impact of inflation.
NOBILITY HOMES, INC.
Condensed Consolidated Balance Sheets
| February 1, |
|
| November 2, |
| |||
| 2025 |
|
| 2024 |
| |||
| (Unaudited) |
|
|
|
| |||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 16,291,084 |
|
| $ | 13,521,296 |
|
Certificates of deposit |
|
| 12,648,261 |
|
|
| 13,021,839 |
|
Short-term investments |
|
| 677,101 |
|
|
| 680,017 |
|
Accounts receivable - trade |
|
| 1,922,015 |
|
|
| 2,935,517 |
|
Mortgage notes receivable |
|
| 4,029 |
|
|
| 4,505 |
|
Inventories |
|
| 20,274,265 |
|
|
| 21,039,344 |
|
Prepaid expenses and other current assets |
|
| 1,689,525 |
|
|
| 1,727,034 |
|
Total current assets |
|
| 53,506,280 |
|
|
| 52,929,552 |
|
|
|
|
|
|
|
|
| |
Property, plant and equipment, net |
|
| 8,355,317 |
|
|
| 8,280,695 |
|
Mortgage notes receivable, less current portion |
|
| 141,728 |
|
|
| 141,728 |
|
Other investments |
|
| 489,438 |
|
|
| 463,633 |
|
Property held for resale |
|
| 26,590 |
|
|
| 26,590 |
|
Deferred income taxes |
|
| 60,628 |
|
|
| 60,628 |
|
Cash surrender value of life insurance |
|
| 4,590,813 |
|
|
| 4,539,813 |
|
Other assets |
|
| 156,287 |
|
|
| 156,287 |
|
Total assets |
| $ | 67,327,081 |
|
| $ | 66,598,926 |
|
|
|
|
|
|
|
|
| |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 768,291 |
|
| $ | 753,317 |
|
Accrued compensation |
|
| 623,834 |
|
|
| 800,013 |
|
Accrued expenses and other current liabilities |
|
| 1,503,417 |
|
|
| 1,826,042 |
|
Income taxes payable |
|
| 616,093 |
|
|
| 692,303 |
|
Customer deposits |
|
| 5,198,247 |
|
|
| 5,930,728 |
|
Total current liabilities |
|
| 8,709,882 |
|
|
| 10,002,403 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.10 par value, 500,000 shares |
|
|
|
|
|
|
|
|
authorized; none issued and outstanding |
|
| - |
|
|
| - |
|
Common stock, $.10 par value, 10,000,000 |
|
|
|
|
|
|
|
|
shares authorized; 5,364,907 shares issued; |
|
|
|
|
|
|
|
|
3,268,829 shares outstanding |
|
| 536,491 |
|
|
| 536,491 |
|
Additional paid in capital |
|
| 11,180,941 |
|
|
| 11,140,687 |
|
Retained earnings |
|
| 76,658,205 |
|
|
| 74,677,783 |
|
Less treasury stock at cost, 2,095,832 shares |
|
| (29,758,438 | ) |
|
| (29,758,438 | ) |
Total stockholders' equity |
|
| 58,617,199 |
|
|
| 56,596,523 |
|
Total liabilities and stockholders' equity |
| $ | 67,327,081 |
|
| $ | 66,598,926 |
|
|
|
|
|
|
|
|
|
NOBILITY HOMES, INC.
Condensed Consolidated Statements of Income
(Unaudited)
| Three Months Ended |
| ||||||
| February 1, |
|
| February 3, |
| |||
| 2025 |
|
| 2024 |
| |||
|
|
|
|
|
| |||
Net sales |
| $ | 12,241,742 |
|
| $ | 14,767,998 |
|
|
|
|
|
|
|
|
| |
Cost of sales |
|
| (8,270,957 | ) |
|
| (10,033,652 | ) |
|
|
|
|
|
|
|
| |
Gross profit |
|
| 3,970,785 |
|
|
| 4,734,346 |
|
|
|
|
|
|
|
|
| |
Selling, general and administrative expenses |
|
| (1,676,650 | ) |
|
| (2,032,330 | ) |
|
|
|
|
|
|
|
| |
Operating income |
|
| 2,294,135 |
|
|
| 2,702,016 |
|
|
|
|
|
|
|
|
| |
Other income (loss): |
|
|
|
|
|
|
|
|
Interest income |
|
| 285,278 |
|
|
| 297,999 |
|
Undistributed earnings in joint venture - Majestic 21 |
|
| 25,807 |
|
|
| 22,174 |
|
Proceeds received under escrow arrangement |
|
| 38,152 |
|
|
| - |
|
(Decrease) increase in fair value of equity investment |
|
| (2,916 | ) |
|
| 50,799 |
|
Miscellaneous |
|
| 8,757 |
|
|
| 50,541 |
|
Total other income |
|
| 355,078 |
|
|
| 421,513 |
|
|
|
|
|
|
|
|
| |
Income before provision for income taxes |
|
| 2,649,213 |
|
|
| 3,123,529 |
|
|
|
|
|
|
|
|
| |
Income tax expense |
|
| (668,791 | ) |
|
| (785,092 | ) |
|
|
|
|
|
|
|
| |
Net income |
| $ | 1,980,422 |
|
| $ | 2,338,437 |
|
|
|
|
|
|
|
|
| |
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 3,268,829 |
|
|
| 3,268,829 |
|
Diluted |
|
| 3,277,204 |
|
|
| 3,277,565 |
|
|
|
|
|
|
|
|
| |
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
| $ | 0.61 |
|
| $ | 0.72 |
|
Diluted |
| $ | 0.60 |
|
| $ | 0.71 |
|
SOURCE: Nobility Homes, Inc.
View the original press release on ACCESS Newswire