Cavco reports record Q3 revenue $432M, net income $80M; diluted EPS $8.57 vs $2.12 YoY

CAVCO INDUSTRIES, INC.

2022-Q3 EPS reported $15.54 revenue$1,121,679,000

Record net revenue $432M and net income $80M; diluted EPS $8.57 vs $2.12 in prior year quarter.
Net income includes $29.9M net benefit from non-recurring energy efficient home tax credits ($3.23 per share).
Factory-built housing gross margin improved to 25.2% from 17.4% YoY; factory utilization back to pre-pandemic 80%.
Backlog $1.1B, up $633M from prior year; Commodore acquisition contributed $277M of backlog growth.
Returned $9M to shareholders via stock repurchases in quarter; $29M year-to-date.

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