Cavco Industries, Inc. has recently released its 10-Q report, providing a detailed look at the company's financial performance and operations. Cavco Industries, Inc. is a leading designer, producer, and retailer of factory-built homes in the United States. The company operates in two segments, Factory-Built Housing and Financial Services, marketing its products under various brand names including Cavco, Fleetwood, Palm Harbor, and Nationwide, among others. In addition to factory-built homes, Cavco also produces park model RVs, vacation cabins, and factory-built commercial structures.
In the Management's Discussion and Analysis of Financial Condition and Results of Operations section, Cavco Industries, Inc. provides an overview of its outlook, strategies, and risks. The report outlines the company's efforts to develop the home-only loan secondary market, its financial performance and operating results, as well as its strategy and liquidity.
The company's unaudited Consolidated Financial Statements and related Notes reveal that Cavco Industries, Inc. operates a total of 31 homebuilding production lines across various domestic and international locations. The report also discusses the industry outlook, highlighting an increase in industry home shipments for the calendar year.
The Results of Operations section provides specific figures on net revenue, factory-built homes sold, and net factory-built housing revenue per home sold for the three and six months ended September 28, 2024, compared to the same periods in 2023. The report indicates an increase in net revenue for both Factory-Built Housing and Financial Services segments for the specified periods.
Furthermore, the report details the gross profit and gross profit as a percentage of net revenue for both segments. It highlights the factors contributing to changes in gross profit, such as higher home sales volume and lower average selling prices for factory-built housing, and high insurance claims impacting financial services.
The Selling, General and Administrative Expenses section outlines the expenses incurred by Cavco Industries, Inc. for the specified periods, along with the percentage of net revenue attributed to these expenses. The report provides insight into the company's spending on selling, general, and administrative activities for both the Factory-Built Housing and Financial Services segments.
The market has reacted to these announcements by moving the company's shares 9.0% to a price of $446.72. If you want to know more, read the company's complete 10-Q report here.
