Cavco Industries Reports Fiscal 2025 Second Quarter Results and Announces New $100 Million Stock Repurchase Program
2024年11月1日 - 5:05AM
Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company"
or "Cavco") today announced financial results for the second fiscal
quarter ended September 28, 2024.
Quarterly Highlights
-
Net revenue was $507 million, up $55 million or 12.3% compared
to $452 million in the second quarter of the prior year,
primarily on home sales volume growth.
-
Home sales volume is up 15.7% and capacity utilization is up to
approximately 70% from approximately 60% in the second quarter of
the prior year.
-
Factory-built housing Gross profit as a percentage of Net revenue
was 22.9%, compared to 23.2% in the prior year period.
- Financial services
Gross profit as a percentage of Net revenue was 21.8%, compared to
Gross profit of 35.9% in the prior year period.
- Income before income
taxes was $55.0 million, up $3.3 million or 6.4% compared
to $51.7 million in the prior year period.
- Net income per
diluted share attributable to Cavco common stockholders was $5.28
compared to $4.76 in the prior year quarter.
-
Backlogs totaled $276 million at the end of the quarter, up
$44 million, or 19%, from $232 million three months ago,
with modules in the backlog growing 20%.
-
Stock repurchases were approximately $44 million in the
quarter.
-
On October 29, 2024, the Company's Board of Directors approved an
additional $100 million stock repurchase program.
Commenting on the quarter, President and Chief Executive Officer
Bill Boor said, "Our second quarter results were strong as our
plants ramped production in line with order growth. Additionally,
our Financial Services segment showed improvement following the
previously communicated $4 million in claims resulting from
Hurricane Beryl early in the period.
He continued, "Our continuing prayers and support are with all
those affected by Hurricanes Helene and Milton. Thankfully, our
employees and their families remained safe; however, many suffered
devastating property damage. While dealing with their personal
challenges, our Cavco teammates resumed operations, minimizing any
negative home shipment effects. Our thanks go out to all our
dedicated co-workers in the region for their grit and commitment to
providing homes for our customers. The critical importance of that
work has never been more apparent than in the aftermath of these
catastrophes."
Financial Results
| |
Three Months Ended |
|
|
|
|
| ($ in thousands, except
revenue per home sold) |
September 28,2024 |
|
September 30,2023 |
|
Change |
| Net revenue |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
486,343 |
|
|
$ |
434,066 |
|
|
$ |
52,277 |
|
|
|
12.0 |
% |
|
Financial services |
|
21,118 |
|
|
|
17,964 |
|
|
|
3,154 |
|
|
|
17.6 |
% |
| |
$ |
507,461 |
|
|
$ |
452,030 |
|
|
$ |
55,431 |
|
|
|
12.3 |
% |
| |
|
|
|
|
|
|
|
| Factory-built modules sold |
|
8,119 |
|
|
|
6,912 |
|
|
|
1,207 |
|
|
|
17.5 |
% |
| |
|
|
|
|
|
|
|
| Factory-built homes sold
(consisting of one or more modules) |
|
4,913 |
|
|
|
4,248 |
|
|
|
665 |
|
|
|
15.7 |
% |
| |
|
|
|
|
|
|
|
| Net factory-built housing revenue
per home sold |
$ |
98,991 |
|
|
$ |
102,181 |
|
|
$ |
(3,190 |
) |
|
|
(3.1 |
)% |
| |
|
|
|
|
|
|
|
| |
Six Months Ended |
|
|
|
|
| ($ in thousands, except
revenue per home sold) |
September 28,2024 |
|
September 30,2023 |
|
Change |
| Net revenue |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
944,391 |
|
|
$ |
891,175 |
|
|
$ |
53,216 |
|
|
|
6.0 |
% |
|
Financial services |
|
40,669 |
|
|
|
36,730 |
|
|
|
3,939 |
|
|
|
10.7 |
% |
| |
$ |
985,060 |
|
|
$ |
927,905 |
|
|
$ |
57,155 |
|
|
|
6.2 |
% |
| |
|
|
|
|
|
|
|
| Factory-built modules sold |
|
15,790 |
|
|
|
14,318 |
|
|
|
1,472 |
|
|
|
10.3 |
% |
| |
|
|
|
|
|
|
|
| Factory-built homes sold
(consisting of one or more modules) |
|
9,634 |
|
|
|
8,830 |
|
|
|
804 |
|
|
|
9.1 |
% |
| |
|
|
|
|
|
|
|
| Net factory-built housing revenue
per home sold |
$ |
98,027 |
|
|
$ |
100,926 |
|
|
$ |
(2,899 |
) |
|
|
(2.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- In the factory-built housing segment,
the increase in Net revenue for the three and six months periods
was due to higher home sales volume, partially offset by a decrease
in revenue per home sold primarily due to a lower proportion of
homes sold through our Company-owned stores and, to a lesser
extent, product pricing decreases.
-
Financial services segment Net revenue increased for the three and
six month periods from higher insurance premiums.
| |
Three Months Ended |
|
|
|
|
| ($ in thousands) |
September 28,2024 |
|
September 30,2023 |
|
Change |
| Gross
profit |
|
|
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
111,520 |
|
|
$ |
100,507 |
|
|
$ |
11,013 |
|
|
|
11.0 |
% |
|
Financial services |
|
4,602 |
|
|
|
6,450 |
|
|
|
(1,848 |
) |
|
|
(28.7 |
)% |
| |
$ |
116,122 |
|
|
$ |
106,957 |
|
|
$ |
9,165 |
|
|
|
8.6 |
% |
| |
|
|
|
|
|
|
|
|
|
| Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
22.9 |
% |
|
|
23.7 |
% |
|
N/A |
|
|
(0.8 |
)% |
|
Factory-built housing |
|
22.9 |
% |
|
|
23.2 |
% |
|
N/A |
|
|
(0.3 |
)% |
|
Financial services |
|
21.8 |
% |
|
|
35.9 |
% |
|
N/A |
|
|
(14.1 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
61,440 |
|
|
$ |
56,455 |
|
|
$ |
4,985 |
|
|
|
8.8 |
% |
|
Financial services |
|
5,557 |
|
|
|
5,051 |
|
|
|
506 |
|
|
|
10.0 |
% |
| |
$ |
66,997 |
|
|
$ |
61,506 |
|
|
$ |
5,491 |
|
|
|
8.9 |
% |
| |
|
|
|
|
|
|
|
|
|
| Income from
operations |
|
|
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
50,080 |
|
|
$ |
44,052 |
|
|
$ |
6,028 |
|
|
|
13.7 |
% |
|
Financial services |
|
(955 |
) |
|
|
1,399 |
|
|
|
(2,354 |
) |
|
|
(168.3 |
)% |
| |
$ |
49,125 |
|
|
$ |
45,451 |
|
|
$ |
3,674 |
|
|
|
8.1 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
Six Months Ended |
|
|
|
|
| ($ in thousands) |
September 28,2024 |
|
September 30,2023 |
|
Change |
| Gross
profit |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
215,030 |
|
|
$ |
213,875 |
|
|
$ |
1,155 |
|
|
|
0.5 |
% |
|
Financial services |
|
4,494 |
|
|
|
10,961 |
|
|
|
(6,467 |
) |
|
|
(59.0 |
)% |
| |
$ |
219,524 |
|
|
$ |
224,836 |
|
|
$ |
(5,312 |
) |
|
|
(2.4 |
)% |
| |
|
|
|
|
|
|
|
|
|
| Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
22.3 |
% |
|
|
24.2 |
% |
|
N/A |
|
|
(1.9 |
)% |
|
Factory-built housing |
|
22.8 |
% |
|
|
24.0 |
% |
|
N/A |
|
|
(1.2 |
)% |
|
Financial services |
|
11.1 |
% |
|
|
29.8 |
% |
|
N/A |
|
|
(18.7 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
121,160 |
|
|
$ |
112,476 |
|
|
$ |
8,684 |
|
|
|
7.7 |
% |
|
Financial services |
|
10,688 |
|
|
|
10,710 |
|
|
|
(22 |
) |
|
|
(0.2 |
)% |
| |
$ |
131,848 |
|
|
$ |
123,186 |
|
|
$ |
8,662 |
|
|
|
7.0 |
% |
| |
|
|
|
|
|
|
|
|
|
| Income from
operations |
|
|
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
93,870 |
|
|
$ |
101,399 |
|
|
$ |
(7,529 |
) |
|
|
(7.4 |
)% |
|
Financial services |
|
(6,194 |
) |
|
|
251 |
|
|
|
(6,445 |
) |
|
|
(2,567.7 |
)% |
| |
$ |
87,676 |
|
|
$ |
101,650 |
|
|
$ |
(13,974 |
) |
|
|
(13.7 |
)% |
| |
-
In the factory-built housing segment, Gross profit as a percent of
Net revenue for the three and six months ended September 28, 2024
decreased primarily due to lower average selling price, partially
offset by lower input costs per unit.
- In the financial
services segment, Gross profit and Income from operations for the
three and six months ended September 28, 2024 was negatively
impacted by high insurance claims from Hurricane Beryl in July and
multiple weather events in Texas, as well as the wildfires in New
Mexico in the first fiscal quarter of this year.
- Selling, general
and administrative expenses increased for the three months ended
September 28, 2024 as a result of increases in variable
compensation driven by higher incentive compensation and as a
result of increases in expense from acquired retail locations.
Selling, general and administrative expenses increased for the six
months ended September 29, 2024 as a result of increases in expense
from acquired retail locations.
| |
Three Months Ended |
|
|
|
|
| ($ in thousands, except per
share amounts) |
September 28,2024 |
|
September 30,2023 |
|
Change |
|
Interest Income |
$ |
5,692 |
|
|
$ |
5,812 |
|
|
$ |
(120 |
) |
|
|
(2.1 |
)% |
| Net income attributable
to Cavco common stockholders |
$ |
43,815 |
|
|
$ |
41,539 |
|
|
$ |
2,276 |
|
|
|
5.5 |
% |
| Diluted net income per
share |
$ |
5.28 |
|
|
$ |
4.76 |
|
|
$ |
0.52 |
|
|
|
10.9 |
% |
| |
|
|
|
|
|
|
|
| |
Six Months Ended |
|
|
|
|
| ($ in thousands, except per
share amounts) |
September 28,2024 |
|
September 30,2023 |
|
Change |
| Interest
Income |
$ |
11,203 |
|
|
$ |
10,430 |
|
|
$ |
773 |
|
|
|
7.4 |
% |
| Net income attributable
to Cavco common stockholders |
$ |
78,244 |
|
|
$ |
87,896 |
|
|
$ |
(9,652 |
) |
|
|
(11.0 |
)% |
| Diluted net income per
share |
$ |
9.38 |
|
|
$ |
10.05 |
|
|
$ |
(0.67 |
) |
|
|
(6.7 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items ancillary to our core operations had the
following impact on the results of operations:
| |
|
Three Months Ended |
|
Six Months Ended |
| ($ in
millions) |
September 28,2024 |
|
September 30,2023 |
|
September 28,2024 |
|
September 30,2023 |
| Net
revenue |
|
Unrealized (loss) gains recognized during the period on securities
held in the financial services segment |
$ |
(0.4 |
) |
|
$ |
(0.3 |
) |
|
$ |
0.5 |
|
|
$ |
— |
|
| Selling,
general and administrative expenses |
|
|
|
Legal and other expense related to the SEC inquiry, including
indemnified costs of a former officer |
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(1.0 |
) |
| Other
income, net |
|
Unrealized gains on corporate equity securities |
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call Details
Cavco's management will hold a conference call to review these
results tomorrow, November 1, 2024, at 1:00 p.m. (Eastern
Time). Interested parties can access a live webcast of the
conference call on the Internet at https://investor.cavco.com or
via telephone. To participate by phone, please register
at here to receive the dial in number and your PIN. An archive
of the webcast and presentation will be available for 60 days at
https://investor.cavco.com.
About Cavco
Cavco Industries, Inc., headquartered in
Phoenix, Arizona, designs and produces factory-built housing
products primarily distributed through a network of independent and
Company-owned retailers. We are one of the largest producers of
manufactured and modular homes in the United States, based on
reported wholesale shipments. Our products 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. We are also a leading producer of park model RVs,
vacation cabins and factory-built commercial structures. Cavco's
finance subsidiary, CountryPlace Mortgage, is an approved Fannie
Mae and Freddie Mac seller/servicer and a Ginnie Mae
mortgage-backed securities issuer that offers conforming mortgages,
non-conforming mortgages and home-only loans to purchasers of
factory-built homes. Our insurance subsidiary, Standard Casualty,
provides property and casualty insurance to owners of manufactured
homes.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that are not historical facts. These forward-looking
statements reflect Cavco's current expectations and projections
with respect to our expected future business and financial
performance, including, among other things: (i) expected financial
performance and operating results, such as revenue and gross margin
percentage; (ii) our liquidity and financial resources; (iii) our
outlook with respect to the Company and the manufactured housing
business in general; (iv) the expected effect of certain risks and
uncertainties on our business; and (iv) the strength of Cavco's
business model. These statements may be preceded by, followed by,
or include the words "aim," "anticipate," "believe," "estimate,"
"expect," "forecast," "future," "goal," "intend," "likely,"
"outlook," "plan," "potential," "project," "seek," "target," "can,"
"could," "may," "should," "would," "will," the negatives thereof
and other words and terms of similar meaning. A number of factors
could cause actual results or outcomes to differ materially from
those indicated by these forward-looking statements. These factors
include, among other factors, Cavco's ability to manage: (i)
customer demand and the availability of financing for our products;
(ii) labor shortages and the pricing, availability, or
transportation of raw materials; (iii) the impact of local or
national emergencies; (iv) excessive health and safety incidents or
warranty and construction claims; (v) increases in cancellations of
home sales; (vi) information technology failures or cyber
incidents; (vii) our ability to maintain the security of personally
identifiable information of our customers, (viii) comply with the
numerous laws and regulations applicable to our business, including
state, federal, and foreign laws relating manufactured housing,
privacy, the internet, and accounting matters; (ix) successfully
defend against litigation, government inquiries, and
investigations, and (x) other risks and uncertainties indicated
from time to time in documents filed or to be filed with the
Securities and Exchange Commission (the "SEC") by Cavco. The
forward-looking statements herein represent the judgment of Cavco
as of the date of this release and Cavco disclaims any intent or
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments, or otherwise. This press release should be read in
conjunction with the information included in the Company's other
press releases, reports, and other filings with the SEC. Readers
are specifically referred to the Risk Factors described in Item 1A
of the Company's Annual Report on Form 10-K for the year ended
March 30, 2024 as may be updated from time to time in future
filings on Form 10-Q and other reports filed by the Company
pursuant to the Securities Exchange Act of 1934, which identify
important risks that could cause actual results to differ from
those contained in the forward-looking statements. Understanding
the information contained in these filings is important in order to
fully understand Cavco's reported financial results and our
business outlook for future periods.
|
CAVCO INDUSTRIES, INC.CONSOLIDATED BALANCE
SHEETS(Dollars in thousands, except per share
amounts) |
| |
| |
September 28,2024 |
|
March 30,2024 |
| ASSETS |
(Unaudited) |
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
364,113 |
|
|
$ |
352,687 |
|
|
Restricted cash, current |
|
21,519 |
|
|
|
15,481 |
|
|
Accounts receivable, net |
|
94,296 |
|
|
|
77,123 |
|
|
Short-term investments |
|
24,574 |
|
|
|
18,270 |
|
|
Current portion of consumer loans receivable, net |
|
30,899 |
|
|
|
20,713 |
|
|
Current portion of commercial loans receivable, net |
|
36,887 |
|
|
|
40,787 |
|
|
Current portion of commercial loans receivable from affiliates,
net |
|
2,894 |
|
|
|
2,529 |
|
|
Inventories |
|
244,025 |
|
|
|
241,339 |
|
|
Prepaid expenses and other current assets |
|
82,758 |
|
|
|
82,870 |
|
| Total current assets |
|
901,965 |
|
|
|
851,799 |
|
| Restricted cash |
|
585 |
|
|
|
585 |
|
| Investments |
|
12,845 |
|
|
|
17,316 |
|
| Consumer loans receivable,
net |
|
20,770 |
|
|
|
23,354 |
|
| Commercial loans receivable,
net |
|
47,192 |
|
|
|
45,660 |
|
| Commercial loans receivable from
affiliates, net |
|
3,933 |
|
|
|
2,065 |
|
| Property, plant and equipment,
net |
|
225,121 |
|
|
|
224,199 |
|
| Goodwill |
|
121,969 |
|
|
|
121,934 |
|
| Other intangibles, net |
|
27,445 |
|
|
|
28,221 |
|
| Operating lease right-of-use
assets |
|
36,378 |
|
|
|
39,027 |
|
| Total assets |
$ |
1,398,203 |
|
|
$ |
1,354,160 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
39,252 |
|
|
$ |
33,531 |
|
|
Accrued expenses and other current liabilities |
|
272,228 |
|
|
|
239,736 |
|
| Total current liabilities |
|
311,480 |
|
|
|
273,267 |
|
| Operating lease liabilities |
|
32,485 |
|
|
|
35,148 |
|
| Other liabilities |
|
7,529 |
|
|
|
7,759 |
|
| Deferred income taxes |
|
4,732 |
|
|
|
4,575 |
|
|
Stockholders' equity |
|
|
|
|
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No
shares issued or outstanding |
|
— |
|
|
|
— |
|
|
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued
9,417,332 and 9,389,953 shares, respectively; Outstanding 8,267,797
and 8,320,718, respectively |
|
94 |
|
|
|
94 |
|
|
Treasury stock, at cost; 1,149,535 and 1,069,235 shares,
respectively |
|
(348,406 |
) |
|
|
(274,693 |
) |
|
Additional paid-in capital |
|
284,995 |
|
|
|
281,216 |
|
|
Retained earnings |
|
1,105,371 |
|
|
|
1,027,127 |
|
|
Accumulated other comprehensive loss |
|
(77 |
) |
|
|
(333 |
) |
| Total stockholders' equity |
|
1,041,977 |
|
|
|
1,033,411 |
|
| Total liabilities and
stockholders' equity |
$ |
1,398,203 |
|
|
$ |
1,354,160 |
|
|
CAVCO INDUSTRIES, INC.CONSOLIDATED
STATEMENTS OF INCOME(Dollars in thousands, except per
share amounts)(Unaudited) |
| |
| |
Three Months Ended |
|
Six Months Ended |
| |
September 28,2024 |
|
September 30,2023 |
|
September 28,2024 |
|
September 30,2023 |
|
Net revenue |
$ |
507,461 |
|
|
$ |
452,030 |
|
|
$ |
985,060 |
|
|
$ |
927,905 |
|
| Cost of sales |
|
391,339 |
|
|
|
345,073 |
|
|
|
765,536 |
|
|
|
703,069 |
|
| Gross profit |
|
116,122 |
|
|
|
106,957 |
|
|
|
219,524 |
|
|
|
224,836 |
|
| Selling, general and
administrative expenses |
|
66,997 |
|
|
|
61,506 |
|
|
|
131,848 |
|
|
|
123,186 |
|
| Income from operations |
|
49,125 |
|
|
|
45,451 |
|
|
|
87,676 |
|
|
|
101,650 |
|
| Interest income |
|
5,692 |
|
|
|
5,812 |
|
|
|
11,203 |
|
|
|
10,430 |
|
| Interest expense |
|
(125 |
) |
|
|
(257 |
) |
|
|
(215 |
) |
|
|
(523 |
) |
| Other income, net |
|
258 |
|
|
|
655 |
|
|
|
147 |
|
|
|
781 |
|
| Income before income taxes |
|
54,950 |
|
|
|
51,661 |
|
|
|
98,811 |
|
|
|
112,338 |
|
| Income tax expense |
|
(11,135 |
) |
|
|
(10,088 |
) |
|
|
(20,567 |
) |
|
|
(24,354 |
) |
| Net income |
|
43,815 |
|
|
|
41,573 |
|
|
|
78,244 |
|
|
|
87,984 |
|
| Less: net income attributable to
redeemable noncontrolling interest |
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
88 |
|
| Net income attributable to Cavco
common stockholders |
$ |
43,815 |
|
|
$ |
41,539 |
|
|
$ |
78,244 |
|
|
$ |
87,896 |
|
| |
|
|
|
|
|
|
|
| Net income per share attributable
to Cavco common stockholders |
|
|
|
|
|
|
|
|
Basic |
$ |
5.33 |
|
|
$ |
4.80 |
|
|
$ |
9.48 |
|
|
$ |
10.15 |
|
|
Diluted |
$ |
5.28 |
|
|
$ |
4.76 |
|
|
$ |
9.38 |
|
|
$ |
10.05 |
|
| Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
|
8,226,298 |
|
|
|
8,656,537 |
|
|
|
8,256,664 |
|
|
|
8,663,430 |
|
|
Diluted |
|
8,305,326 |
|
|
|
8,731,419 |
|
|
|
8,337,671 |
|
|
|
8,742,734 |
|
|
CAVCO INDUSTRIES, INC.OTHER OPERATING
DATA(Dollars in thousands)(Unaudited) |
| |
| |
Three Months Ended |
|
Six Months Ended |
| |
September 28,2024 |
|
September 30,2023 |
|
September 28,2024 |
|
September 30,2023 |
|
Capital expenditures |
$ |
4,905 |
|
|
$ |
4,287 |
|
|
$ |
9,819 |
|
|
$ |
8,470 |
|
| Depreciation |
$ |
4,375 |
|
|
$ |
4,275 |
|
|
$ |
8,744 |
|
|
$ |
8,449 |
|
| Amortization of other
intangibles |
$ |
385 |
|
|
$ |
393 |
|
|
$ |
777 |
|
|
$ |
785 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For additional information, contact:
Mark FuslerCorporate Controller and Investor
Relationsinvestor_relations@cavco.com
Phone: 602-256-6263On the
Internet: www.cavcoindustries.com
Cavco Industries (NASDAQ:CVCO)
過去 株価チャート
から 10 2024 まで 11 2024
Cavco Industries (NASDAQ:CVCO)
過去 株価チャート
から 11 2023 まで 11 2024
