--- schema_version: "secwatch.filing_event.v1" accession: "0000278166-23-000064" form_type: "8-K" ticker: "CVCO" cik: "0000278166" company_name: "CAVCO INDUSTRIES, INC." filed_at: "2023-08-03T23:59:59+00:00" generated_at: "2026-06-12T09:43:15.905729+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Cavco fiscal Q1 revenue down 19% to $476M; EPS $5.29 vs $6.63; announces new $100M buyback ## Summary - 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. ## SEC filing metadata - accession: 0000278166-23-000064 - form_type: 8-K - ticker: CVCO - cik: 0000278166 - company_name: CAVCO INDUSTRIES, INC. - filed_at: 2023-08-03T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 5.02, 5.07, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/cvco-20230801.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000278166-23-000064 - JSON: https://secwatch.observer/filing/0000278166-23-000064.json - Plain text: https://secwatch.observer/filing/0000278166-23-000064.txt ## Key facts - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - Shareholder Votes CAVCO INDUSTRIES, INC. shareholders approved Election of Directors at the 2023-08-01 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-08-01 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.