Cavco Industries, Inc. announced its financial results for the third fiscal quarter ended December 28, 2024. The company reported a significant improvement in pre-tax profit, driven by increased home shipments and a strong recovery in its Financial Services segment. Net income for the quarter reached $56.5 million, resulting in diluted earnings per share of $6.90.
President and CEO Bill Boor highlighted that the outstanding EPS performance was further boosted by positive tax items and the company's ongoing use of share buybacks to manage the balance sheet. The Financial Services operation experienced one of its strongest quarters in several years, attributed to pricing and underwriting improvements implemented earlier in the year.
In the Factory-Built Housing segment, Cavco executed its plan to utilize backlogs to ramp up production, anticipating continued market improvement. Management stated that the company is well-positioned heading into the new calendar year across all segments. Consolidated net revenue for the quarter increased by 17% year-over-year to $522.0 million.
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