Cavco Industries Reports Fiscal 2026 First Quarter Results

Cavco Industries, Inc. (“we,” “our,” the “Company” or “Cavco”) announced financial results for the first fiscal quarter ended June 28, 2025.

Quarterly Highlights

• Net revenue was $557 million, up $79 million or 16.6% compared to $478 million in the first quarter of the prior year, primarily on home sales volume growth.
• Home sales volume was up 14.7% and capacity utilization increased to approximately 75% from
  approximately 65% in the first quarter of the prior year.
• Factory-built housing Gross profit as a percentage of Net revenue was 22.6%, unchanged from the
  same period in the prior year.
• Financial services Gross profit as a percentage of Net revenue was 40.9%, compared to Gross profit
  of (0.6)% in the same period in the prior year.
• Income before income taxes was $65.3 million, up $21.4 million, or 48.9% compared to $44 million in
  the same period in the prior year.
• Net income per diluted share attributable to Cavco common stockholders was $6.42, up 56%,
  compared to $4.11 in the prior year quarter on higher Factory-built housing volume and stronger
  Financial services results.
• Backlogs totaled $200 million at the end of the quarter representing 5-7 weeks of production.
• Stock repurchases were approximately $50 million in the quarter. $178 million remains available for
  repurchases under our previously announced Board authorizations.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, “Where order rates and backlogs have supported, our plants have been increasing run rates over the past few quarters in anticipation of continued order growth. This quarter rewarded those decisions with higher shipments and stable quarter-to-quarter consolidated backlog. Financial Services also contributed to the strong results. The market remains uncertain and our flexible business model makes us well positioned to adjust as needed.”

He continued, “As previously announced this month, we entered into a definitive agreement to acquire American Homestar Corporation. Operational excellence like our team demonstrated this quarter, and the solid balance sheet we have maintained through the years has given us the ability to pursue exciting opportunities like this. At Cavco, we couldn’t be more excited to join forces with the America Homestar team and expand our reach in the South Central US as we continue to put more families into affordable homes.”

Financial Results

• In the factory-built housing segment, the increase in Net revenue was due to higher home sales
  volume and an increase in Net revenue per home sold.
• Financial services segment Net revenue increased due to higher insurance premiums.
• In the factory-built housing segment, Gross profit increased due an increase in home sales volume. Selling, general and administrative expenses were up as a result of higher incentive based
  compensation due to higher earnings compared to the prior year period.
• In the financial services segment, Gross profit and Income from operations increased primarily due to the insurance division having lower claims losses as the prior year period was significantly impacted by multiple weather events in Texas and New Mexico, as well as increased premiums and reduced costs from improved underwriting guidelines.

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.