Cavco Q3 rev $501M (+16%), EPS $6.66; backlog down 34%; acquires Solitaire Homes for $93M

CAVCO INDUSTRIES, INC.

2023-Q3 EPS reported $21.55 revenue$1,666,333,000

Net revenue $500.6M, up 16% YoY; factory-built housing revenue $481.2M (+16.3%).
Diluted EPS $6.66 vs $8.57 prior year, which included $3.23/share energy tax credit benefit.
Backlog $427M, down $224M (34%) from $651M in prior quarter due to lower orders.
Acquired Solitaire Homes on Jan 3, 2023 for $93M cash; adds four factories and 22 retail locations.
Stock repurchases totaled $34M in Q3 and $73M fiscal year-to-date; cash balance over $280M.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CAVCO INDUSTRIES, INC. reported fiscal third quarter ended December 31, 2022 results: revenue $501 million, net income $59,524 thousand, EPS $6.66.

Period: fiscal third quarter ended December 31, 2022
Revenue: $501 million
Net income: $59,524 thousand
EPS: $6.66
Result: reported results

Exact text from the filing

financial results for the third fiscal quarter ended December 31, 2022 and provided updates on other business items. Third Quarter Highlights • Net revenue increased to $501 million, or 16.0%, compared to $432 million in the third quarter of the prior year. • Income before income taxes increased to $76 million, or 29%, compared to $59 million in the prior

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Source: SEC EDGAR

accession 0000278166-23-000006

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