secwatch.observer — SEC 8-K summary
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Issuer:     CAVCO INDUSTRIES, INC. (CVCO)
CIK:        0000278166
Form:       8-K
Filed at:   2023-08-03T23:59:59+00:00
Accession:  0000278166-23-000064
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 5.07, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cavco fiscal Q1 revenue down 19% to $476M; EPS $5.29 vs $6.63; announces new $100M buyback
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/0000278166-23-000064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/278166/000027816623000064/cvco-20230801.htm
  HTML page:      https://secwatch.observer/filing/0000278166-23-000064

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer