Legacy Housing Corp Reports Q3 2024 Financial Decline

By Bobby Samwell • Thursday, November 14 10:29 • Permanent Link

Legacy Housing Corporation reported its financial results for the third quarter of 2024, highlighting a decrease in net revenue, income from operations, net income, and basic earnings per share compared to the third quarter of 2023. Net revenue for the third quarter of 2024 was $44.3 million, representing an 11.4% decrease from the same period in 2023. Income from operations for the third quarter of 2024 was $15.3 million, down by 19.4% from the third quarter of 2023. Net income for the third quarter of 2024 decreased by 1.8% to $15.8 million, while basic earnings per share saw a 1.5% decrease to $0.65 compared to the third quarter of 2023.

On a positive note, book value for the third quarter of 2024 increased by 11.6% to $479.3 million compared to the third quarter of 2023. Book value per share also showed growth, increasing by 12.7% to $19.84 from the third quarter of 2023.

Duncan Bates, the President and CEO of Legacy Housing Corporation, expressed optimism about the company's future, citing a record number of customers at their 2024 fall show and a strong backlog into the first quarter of 2025. He emphasized the company's strategic initiatives and anticipated a strengthening market for their products in 2025.

Legacy Housing Corporation, known for building, selling, and financing manufactured homes and "tiny houses," is the fourth largest producer of manufactured homes in the United States. The company's current operations are primarily focused in the southern United States, offering customers a range of quality homes in various sizes and prices.

The press release also contained forward-looking statements, emphasizing the company's expectations and beliefs regarding future performance.

For further insights into Legacy Housing Corporation's financial performance, management will be hosting a conference call to discuss the results on November 13, 2024, at 10:00 am Central Time. The market has reacted to these announcements by moving the company's shares -1.1% to a price of $25.95. If you want to know more, read the company's complete 8-K report here.

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