CVCO
Cavco Industries, Inc.594.63
-3.54-0.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q3 '26
Backlogs stable, synergies detailed
Q&A delivered a mid-quarter update confirming 4-6 week backlogs remain stable into Q4, with plants holding production rates and running Saturdays to offset weather delays, positioning for spring upside. Management broke out Homestar synergies now at $10 million annually—half realized from purchasing, labor, and SG&A—for a $1.25 million Q4 boost. Margins reflected input cost hikes, $3 million tariff impact, and localized Texas retail compression, not seen as systemic. Communities weighed on volumes but drew no bearish REIT signals. Backlogs hold firm. Overall, answers reinforced the scripted outlook with operational color.
Key Stats
Market Cap
4.71BP/E (TTM)
24.51Basic EPS (TTM)
24.26Dividend Yield
0%Recent Filings
10-Q
Q3 FY2026 results
Cavco's Q3 revenue climbed 11.3% y/y to $581M while dipping 6% q/q (derived), driven by factory-built housing up 11.5% y/y on higher volumes and $42M from the September 2025 American Homestar acquisition—closed for $181.4M cash plus $3.4M liability, recognizing $85.8M goodwill and $13.3M customer intangibles (14-year life). Operating income fell 14.7% y/y to $54.6M as SG&A surged 23% from acquisition costs, squeezing margins to 23.4%; diluted EPS dropped to $5.58 from $6.90, consistent with 7.9M shares. Cash fell to $225M after $171M acquisition spend, offset by $200M operating cash flow; $75M revolver undrawn. Strong backlog supports momentum. Yet insurance loss reserves expose reinsurance risks.
8-K
Cavco Q3 results post-acquisition
Cavco closed its American Homestar acquisition on September 29, 2025, adding $42 million revenue, 343 homes sold, yet $6.9 million extra SG&A and $2.9 million deal costs. Q3 net revenue hit $581 million, up 11.3%, but factory-built margins slipped to 21.7% from 23.6% as utilization fell to 70%. Earnings dropped to $5.58/share. Integration spend fades soon.
10-Q
Q2 FY2026 results
Cavco's Q2 FY2026 revenue hit $556.5M, up 9.7% y/y from $507.5M, with factory-built housing at $535.1M (10.0% y/y) on higher volumes and $103K per home. Gross margin expanded to 24.2% from 22.9%, driving operating income to $62.2M (26.5% y/y) and diluted EPS to $6.55 (24.1% y/y), confirmed vs 7.99M shares. YTD revenue doubled to $1.11B (13.0% y/y), net income $104M. Cash swelled to $375M, OCF $134M minus $19M capex; $75M revolver undrawn. Closed American Homestar acquisition September 30 for $190M cash, adding South Central manufacturing and retail. Share repurchases topped $86M YTD. Factory-built housing rules.
8-K
Q2 revenue up 9.7%, EPS +24%
Cavco Industries posted Q2 net revenue of $556.5M, up 9.7% on 5.4% higher home sales volume and steady 22.9% factory-built housing margins, while financial services margins soared to 55.6% from better underwriting. Diluted EPS hit $6.55, up 24%, fueled by volume gains and insurance improvements. Closed American Homestar acquisition post-quarter; repurchased $36M in stock.
8-K
Cavco appoints board expert Daniels
Cavco Industries expanded its board from seven to eight directors, appointing Lisa L. Daniels as a Class II director effective October 27, 2025. The former KPMG Vice Chair of Growth and Strategy, a qualified SEC financial expert with 35 years in professional services, joins the Audit and Corporate Governance committees. She bolsters expertise in financial risks and strategy. No related party ties disclosed.
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