Cavco Industries, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. The company designs, produces, and retails factory-built homes primarily in the United States, operating in two segments, Factory-Built Housing and Financial Services. Cavco Industries, Inc. also offers various modular homes, conforming and non-conforming mortgages, and property and casualty insurance to owners of manufactured homes.
The 10-Q report includes a comprehensive "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" section. The report outlines the company's efforts to develop the home-only loan secondary market, its financial performance and operating results, strategy, liquidity, and outlook. It also discusses the company's initiatives to identify niche market opportunities, focus on building quality, energy-efficient homes, and maintain a conservative cost structure.
According to the report, the industry home shipments for the calendar year through August 2025 increased by 3.2% compared to the same period last year. The report also highlights the company's efforts to address the lack of an efficient secondary market for manufactured home-only loans and the limited number of institutions providing such loans, which result in higher borrowing costs for home-only loans and continue to constrain industry growth.
In terms of financial results, for the three months ended September 27, 2025, Cavco Industries, Inc. reported a net revenue of $556,527, a 9.7% increase from the same period in 2024. The factory-built housing segment's net revenue increased by 10.0% to $535,117, driven by higher home sales volume and an increase in net revenue per home sold. The financial services segment also saw a 1.4% increase in net revenue.
The gross profit for the same period was reported at $134,407, a 15.7% increase from the previous year. The factory-built housing segment's gross profit increased by 9.8% to $122,493, while the financial services segment's gross profit surged by 158.9% to $11,914. The selling, general, and administrative expenses for the factory-built housing segment increased by 7.0%, while those for the financial services segment increased by 16.5%.
The market has reacted to these announcements by moving the company's shares -0.02% to a price of $504.00. Check out the company's full 10-Q submission here.
