The following is a summary of the Cavco Industries, Inc. (CVCO) Q4 2024 Earnings Call Transcript:
Financial Performance:
Cavco reported Q4 net revenue of $420.1 million, a decrease of 11.8% compared to the prior year due to reduced units sold and average selling prices.
Consolidated gross profit was 23.6%, down from 25.3% in the same period last year.
Net income to stockholders was $33.9 million, a decrease from $47.3 million in the same quarter of the prior year. Earnings per share also decreased to $4.03 from $5.39 per share in last year's fourth quarter.
Despite facing a down year, fiscal 2024 was Cavco's third-highest net income year in history, doubling the income from three years ago.
Business Progress:
Cavco experienced a quarter-to-quarter backlog increase for the first time since the downturn began, indicating market improvement.
The company expanded its retail presence by adding 15 new stores, bringing the total to 79 locations.
The Anthem series, a first-of-its-kind affordable housing solution, was launched by Cavco.
Cavco repurchased $110 million worth of its own stock, maintaining a stable financial base for continued growth investments.
The firm closely managed variable costs and monitored commodity pricing fluctuations.
Cavco is committed to enhancing its production and backlog management, and is considering further investment in its lending business for better market opportunities.
The company anticipates a progressive market and increased home deliveries due to its focus on finding affordability solutions for customers.
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