Cavco Q1 revenue up 9.5% to $610M; EPS down to $5.43 from $6.42; backlog jumps 53%

CAVCO INDUSTRIES, INC.

Net revenue $610M (+9.5% YoY); home sales volume up 4.4% to 5,657 homes.
Diluted EPS $5.43 vs $6.42 prior year; net income $42.3M, down 18.1%.
Factory-built housing gross margin 20.8% (down from 22.6%); financial services margin 52.4% (up from 40.9%).
Backlog $298M (7-9 weeks) vs $195M a year ago; record quarterly shipments.
Stock repurchases ~$30M in quarter; $188M remaining under authorization.

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