Cavco Industries, Inc. announced its financial results for the second fiscal quarter ended September 28, 2024, reporting strong performance. The company achieved net income of $43.8 million, translating to diluted earnings per share of $5.28. Consolidated net revenue increased by 12.3% year-over-year to $507.5 million.
President and CEO Bill Boor noted that plants ramped production in line with order growth, contributing to the strong quarter. The Financial Services segment also showed improvement, despite $4 million in claims resulting from Hurricane Beryl early in the period. Management expressed gratitude for employees' efforts in resuming operations and minimizing home shipment effects after recent hurricanes.
In a significant capital allocation move, Cavco's Board of Directors authorized a new $100 million stock repurchase program. This program demonstrates management's confidence in the company's financial strength and commitment to returning value to shareholders. The company continues to manage its balance sheet prudently.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.