Cavco reports record Q1 revenue $330M, EPS $2.92; acquires Commodore for $153M

CAVCO INDUSTRIES, INC.

2022-Q1 EPS reported $2.92 revenue$330,422,000

Record quarterly net revenue $330M (+29.7% YoY), net income $27M (+62.2%), diluted EPS $2.92 vs $1.80.
Factory-built housing revenue $312M (+31.2% YoY); home sales volume up 10.5%, avg selling price up 18.7% to $84,401.
Backlogs soared to $792M (+404.5% YoY); order rates nearly 50% higher.
Announced acquisition of The Commodore Corp for $153M; expected close in Q3 FY2022, cash funded.
Returned $12.8M to shareholders via stock repurchases during the quarter.

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