Cavco Q2 net rev $577M (+60.6%), EPS $8.25; acquires Solitaire Homes for $93M cash

CAVCO INDUSTRIES, INC.

2023-Q2 EPS reported $14.88 revenue$1,165,730,000

Net revenue $577M (+60.6% YoY), net income $74M (+97.1%), diluted EPS $8.25 vs $4.06.
Factory-built housing revenue $560M (+63.6%), homes sold 5,111 (+42.1%), average price $109,490 (+15.1%).
Backlog $651M, down $347M from prior quarter due to lower order rates and improved plant utilization (~80%).
Acquired Solitaire Homes (4 plants, 22 retail locations) for $93M cash, expected close early Q4 FY2023.
SEC litigation resolved with $1.5M penalty and injunction; facility expansions in AZ and NC commenced.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CAVCO INDUSTRIES, INC. reported fiscal second quarter ended October 1, 2022 results: revenue $577 million, net income $74 million, EPS $8.25.

Period: fiscal second quarter ended October 1, 2022
Revenue: $577 million
Net income: $74 million
EPS: $8.25
Result: reported results

Exact text from the filing

further discussion on the planned acquisition of Solitaire Homes, Inc. and provided updates on other business items. Second Quarter Highlights • Net revenue increased to $577 million, or 60.6%, compared to $360 million in the second quarter of the prior year, and Net income attributable to Cavco common stockholders increased to $74 million, or 97.1%, compared

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Source: SEC EDGAR

accession 0000278166-22-000063

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