Cavco Industries Reports Fiscal 2025 Fourth Quarter and Year End Results

Net income per diluted share was $4.47 and Adjusted net income (non-GAAP) per diluted share was $5.40 after previously announced non-cash charge

Cavco Industries, Inc. announced financial results for the fourth quarter and fiscal year ended March 29, 2025.

Quarterly Highlights

• Net revenue of $508 million up 21% from $420 million in the prior year quarter.
• Gross profit as a percentage of Net revenue was 22.8% with factory-built housing Gross profit as a percentage of Net revenue at 22.3%, down 80 basis points (“bps”) and 10 bps, respectively, from last year’s fourth quarter.
• Net income and Adjusted net income (non-GAAP)* were $36 million and $44 million, respectively. Net income per diluted share attributable to Cavco common stockholders was $4.47 and Adjusted net income (non-GAAP) per diluted share* was $5.40 compared to $4.03 in last year’s fourth quarter.

Full Fiscal Year Highlights

• Net revenue was $2,015 million, up $221 million or 12.3% compared to $1,795 million last year.
• Factory-built housing Gross profit as a percentage of Net revenue was 22.9%, compared to 23.2% in the prior year.
• Income before income taxes was $211 million, up $12 million or 6.0% compared to $199 million in the prior year.
• Net income per diluted share attributable to Cavco common stockholders was $20.71 compared to $18.37 last year. Adjusted net income (non-GAAP) per diluted share* for the year ended was $21.63.
• Backlogs at March 29, 2025 were $197 million, up from $191 million at March 30, 2024.
• Stock repurchases were approximately $150 million in the year.
• On May 20, 2025, the Company’s Board of Directors approved an additional $150 million stock repurchase program.

Commenting on the results, Bill Boor, President and Chief Executive Officer, said, “A significant pickup in activity in March helped close out a solid quarter after unusually harsh weather across the southern states in February impacted the transition into the Spring selling season. We held production levels throughout the quarter and are well positioned to increase from here as the market allows.”

He continued, “As previously announced, in the 4th quarter, we significantly improved our go-to-market position by unifying our 31 manufacturing facilities under the Cavco name. Going forward, national product lines will logically segment our homes based on specific characteristics, simplifying the home search process for our home buyers. All of this leverages our national marketing efforts and the strength we have built in our Cavco name.”

Three months ended March 29, 2025 compared to three months ended March 30, 2024

• In the factory-built housing segment, the increase in Net revenue was primarily due to higher sales volume, partially offset by a lower proportion of homes sold through our Company-owned stores, lower average selling price primarily caused by product price decreases, and sales mix.
• Financial services segment Net revenue decreased primarily due to fewer loan sales in the current period compared to the prior year, partially offset by higher insurance premiums.
• In the factory-built housing segment, Gross profit increased from higher sales volume. Selling, general and administrative expenses increased primarily as a result of a $10.0 million one-time, non-cash charge related to the adjustment of certain legacy brand intangibles due to the consolidation of the Company’s brand as well as increased incentive compensation on higher earnings.
• In the financial services segment, Gross profit decreased primarily due to reduced revenue from loan sales compared to the prior year.

Year ended March 29, 2025 compared to the year ended March 30, 2024

• In the factory-built housing segment, the year-over-year increase in Net revenue was primarily due to higher home sales volume, partially offset by lower average selling prices.
• Financial services segment Net revenue increased year-over-year primarily due to higher insurance premiums in the current year compared to the prior year, partially offset by reduced revenue from loan sales.
• In the factory-built housing segment, Gross profit increased from higher home sales, partially offset by lower average selling prices. Selling, general and administrative expenses increased as a result of
  higher incentive compensation on higher sales and a $10.0 million one-time, non-cash charge related to the adjustment of certain legacy brand intangibles due to the consolidation of the Company’s brand.
• In the financial services segment, Gross profit decreased primarily due to higher weather related insurance claims and reduced revenue from loan sales.

For full results click here.

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.

Contact:

Mark Fusler – Corporate Controller & Investor Relations – investor_relations@cavco.com – (602) 256-6263

Source: Cavco Industries, Inc.