Cavco Industries, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
November 02, 2023 at 04:05 pm EDT
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Cavco Industries, Inc. reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was USD 434.07 million compared to USD 559.6 million a year ago. Net income was USD 41.54 million compared to USD 74.12 million a year ago. Basic earnings per share from continuing operations was USD 4.8 compared to USD 8.32 a year ago. Diluted earnings per share from continuing operations was USD 4.76 compared to USD 8.25 a year ago.
For the six months, sales was USD 891.18 million compared to USD 1,132.2 million a year ago. Net income was USD 87.9 million compared to USD 133.72 million a year ago. Basic earnings per share from continuing operations was USD 10.15 compared to USD 15.01 a year ago. Diluted earnings per share from continuing operations was USD 10.05 compared to USD 14.88 a year ago.
Cavco Industries, Inc. designs and produces factory-built homes. Its segments include Factory-built Housing and Financial Services. The Factory-built Housing segment includes wholesale and retail factory-built housing operations. The Financial Services segment includes manufactured housing consumer finance and insurance. Its factory-built homes are distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. Its manufactured homes are marketed under a variety of brand names, including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. It is also a producer of park model recreational vehicle (RVs), vacation cabins and factory-built commercial structures, as well as modular homes. CountryPlace Acceptance Corp. is its finance subsidiary and Standard Casualty Co. (Standard Casualty) is its insurance subsidiary.