8-K
filed August 3, 2023, 7:59 PM ET
ticker CVCO
CIK 0000278166
earnings
confidence high
sentiment negative
materiality 0.80
Cavco fiscal Q1 revenue down 19% to $476M; EPS $5.29 vs $6.63; announces new $100M buyback
CAVCO INDUSTRIES, INC.
2024-Q1 EPS reported
$5.29
revenue$475,875,000
- Net revenue $476M, down 19% YoY; net income $46.4M, diluted EPS $5.29 vs $6.63.
- Factory-built housing revenue down 20.2%; home sales volumes fell 14.3% and average price decreased 6.9%.
- Backlog dropped to $177M from $244M in the prior quarter, a decline of $67M.
- Financial services gross profit margin fell to 24.0% from 32.6% due to higher weather-related insurance claims.
- Board approved new $100M stock repurchase program, bringing total authorization to $135.7M.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CAVCO INDUSTRIES, INC. reported first fiscal quarter ended July 1, 2023 results: revenue $476 million, net income $46,357, EPS $5.29.
- Period
- first fiscal quarter ended July 1, 2023
- Revenue
- $476 million
- Net income
- $46,357
- EPS
- $5.29
- Result
- reported results
Exact text from the filing
First Quarter Summary • Net revenue was $476 million, down 19% compared to $588 million in the first quarter of the prior year. • Factory-built housing Gross profit as a percentage of Net revenue was 24.8%, compared to 24.4% in the prior year. The current year period was impacted by purchase accounting adjustments on acquired inventory related to Solitaire Homes, which reduced Factory-built housing margins by 40 basis points. • Financial services Gross profit as a percentage of Net revenue was 24.0% compared to 32.6% in the prior year. The decrease was the result of higher insurance claims from weather related events. • Income before income taxes was $61 million, down 23% compared to $79 million in the prior year period. • Net income per diluted share attributable to Cavco common stockholders was $5.29 compared to $6.63 in the prior year quarter.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
CAVCO INDUSTRIES, INC. shareholders approved Election of Directors at the 2023-08-01 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-08-01
Exact text from the filing
Proposal Number 1: Vote to elect the nominees listed below as directors: Name Votes For Votes Against Abstentions Broker Non-Votes Susan L. Blount 6,820,191 920,055 950 211,753 William C. Boor 7,661,383 78,824 989 211,753
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
CAVCO INDUSTRIES, INC. shareholders approved Advisory vote on executive compensation at the 2023-08-01 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2023-08-01
Exact text from the filing
Proposal Number 2: Advisory vote on executive compensation: Votes For Votes Against Abstentions Broker Non-Votes 7,523,523 197,901 19,772 211,753
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
CAVCO INDUSTRIES, INC. shareholders approved Advisory vote on frequency of future executive compensation votes at the 2023-08-01 meeting.
- Proposal
- say on pay frequency
- Outcome
- passed
- Meeting
- 2023-08-01
Exact text from the filing
Proposal Number 3 : Advisory vote on frequency of future executive compensation votes: Every Year Every 2 Years Every 3 Years Abstain Broker Non-Votes 7,282,015 1,871 434,346 22,964 211,753
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
CAVCO INDUSTRIES, INC. shareholders approved Approve the Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan at the 2023-08-01 meeting.
- Proposal
- equity plan
- Outcome
- passed
- Meeting
- 2023-08-01
Exact text from the filing
Proposal Number 4 : Approve the Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan: Votes For Votes Against Abstentions Broker Non-Votes 7,075,813 645,798 19,585 211,753
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
CAVCO INDUSTRIES, INC. shareholders approved Ratify the appointment of RSM US LLP as independent registered public accounting firm for fiscal year 2024 at the 2023-08-01 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-08-01
Exact text from the filing
Proposal Number 5 : Vote to ratify the appointment of RSM US LLP as independent registered public accounting firm for fiscal year 2024: Votes For Votes Against Abstentions 7,605,138 329,200 18,611
View on SEC.gov
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