 | 更多信息请联系: | |||||||
马克·福斯勒 公司控制器和投资人关系 investor_relations@cavco.com | ||||||||
| 新闻稿 | 电话： 602-256-6263 在互联网上： www.cavcoindustries.com | |||||||
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卡寇工业公布财务报告，截至2025年度 二季度业绩和宣布新10000万股票回购计划
凤凰城，2024年10月31日（环球新闻社）- 卡夫科工业公司（纳斯达克：CVCO）（“我们”，“我们的”，“公司”或“卡夫科”）今天宣布截至2024年9月28日的第二财季财务业绩。
本季度亮点
•净营业收入为5.07亿美元，比去年同期第二季度的4.52亿美元增长了5500万美元，增幅为12.3%，主要是受到住宅销售量增长的影响。
•房屋销售量增加了 15.7% 而产能利用率约为 70% 从约 去年第二季度的60%。
•工厂建造的住宅毛利润占净营业收入的比例为22.9%，而去年同期为23.2%。
•金融服务毛利润占净收入的百分比为21.8%，相比之下，去年同期的毛利润为35.9%。
•税前收入为5500万美元，比上一财年期间的5170万美元增加了330万美元，增长了6.4%。
•每股净收益，归属于Cavco普通股股东，为5.28美元，较去年同期的4.76美元有所增加。
•未处理工作总额为 在本季度末达到2.76亿美元， 上涨6.3％的三年中，股票的价格似乎没有反映出EPS的增长。所以，有理由对一些其他指标进行研究。 相较于三个月前的2.32亿美元， 减少4400万美元，或19%， 与备货中的模块增长20%。
•季度股票回购约为4400万美元。
•2024年10月29日，公司董事会批准了一个额外10000万美元的股票回购计划。
Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "Our second quarter results were strong as our plants ramped production in line with order growth. Additionally, our Financial Services segment showed improvement following the previously communicated $400万 in claims resulting from Hurricane Beryl early in the period.
他继续说：“我们将继续为所有受飓风海伦和米顿影响的人祈祷并提供支持。幸运的是，我们的员工和家人都平安无事；然而，许多人遭受了毁灭性的财产损失。在应对个人挑战的同时，我们Cavco团队恢复了运营，最大程度地减少了对家居发货的负面影响。我们要感谢所有在该地域板块坚韧不拔，致力于为客户提供住房的敬业同事。在这些灾难过后，这项工作的重要性变得更加明显。”
财务结果
| 三个月之内结束 | |||||||||||||||||||||||
| （以千美元为单位，除每套房销售营业收入外） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 营业收入 | |||||||||||||||||||||||
| 工厂建造的住房 | $ | 486,343 | $ | 434,066 | $ | 52,277 | 12.0 | % | |||||||||||||||
| 金融服务 | 21,118 | 17,964 | 3,154 | 17.6 | % | ||||||||||||||||||
| $ | 507,461 | $ | 452,030 | $ | 55,431 | 12.3 | % | ||||||||||||||||
| 出售工厂预制模块 | 8,119 | 6,912 | 1,207 | 17.5 | % | ||||||||||||||||||
| 出售工厂预制住宅（包括一个或多个模块） | 4,913 | 4,248 | 665 | 15.7 | % | ||||||||||||||||||
| 每套出售的工厂预制住宅净营业收入 | $ | 98,991 | $ | 102,181 | $ | (3,190) | (3.1) | % | |||||||||||||||
| 销售额最高的六个月 | |||||||||||||||||||||||
| （以千美元为单位，除每套出售的营业收入外） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 营业收入 | |||||||||||||||||||||||
| 工厂建造的住房 | $ | 944,391 | $ | 891,175 | $ | 53,216 | 6.0 | % | |||||||||||||||
| 金融服务 | 40,669 | 36,730 | 3,939 | 10.7 | % | ||||||||||||||||||
| $ | 985,060 | $ | 927,905 | $ | 57,155 | 6.2 | % | ||||||||||||||||
| 出售工厂建造的模块 | 15,790 | 14,318 | 1,472 | 10.3 | % | ||||||||||||||||||
| 销售工厂建造的住房（包括一个或多个模块） | 9,634 | 8,830 | 804 | 9.1 | % | ||||||||||||||||||
| 每套住房的净工厂建造收入 | $ | 98,027 | $ | 100,926 | $ | (2,899) | (2.9) | % | |||||||||||||||
•在工厂建造的住宅领域，净营业收入的增加是由于更高的房屋销售量，部分抵消了每套售出的房屋的收入下降，主要是由于通过我们公司自有店铺销售的房屋比例较低，以及产品定价下降。在三个和六个月的时间段内，净收入的增加是由于更高的房屋销售量，部分抵消了每套售出的房屋的收入下降，主要是由于通过我们公司自有店铺销售的房屋比例较低，以及产品定价下降。
•财务服务部门的净营业收入在三个月和六个月的时间段内因较高的保险费用而增加。
| 三个月之内结束 | |||||||||||||||||||||||
| （以千美元计） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 毛利润 | |||||||||||||||||||||||
| 工厂建造的住房 | $ | 111,520 | $ | 100,507 | $ | 11,013 | 11.0 | % | |||||||||||||||
| 金融服务 | 4,602 | 6,450 | (1,848) | (28.7) | % | ||||||||||||||||||
| $ | 116,122 | $ | 106,957 | $ | 9,165 | 8.6 | % | ||||||||||||||||
| 毛利润占净营业收入的百分比 | |||||||||||||||||||||||
| 合并后的 | 22.9 | % | 23.7 | % | 无数据 | (0.8) | % | ||||||||||||||||
| 工厂建造的住宅 | 22.9 | % | 23.2 | % | 无数据 | (0.3) | % | ||||||||||||||||
| 金融服务 | 21.8 | % | 35.9 | % | 无数据 | (14.1) | % | ||||||||||||||||
| 销售，总务及管理费用 | |||||||||||||||||||||||
| 工厂建造的住宅 | $ | 61,440 | $ | 56,455 | $ | 4,985 | 8.8 | % | |||||||||||||||
| 金融服务 | 5,557 | 5,051 | 506 | 10.0 | % | ||||||||||||||||||
| $ | 66,997 | $ | 61,506 | $ | 5,491 | 8.9 | % | ||||||||||||||||
| 营业利润 | |||||||||||||||||||||||
| 工厂建造的住宅 | $ | 50,080 | $ | 44,052 | $ | 6,028 | 13.7 | % | |||||||||||||||
| 金融服务 | (955) | 1,399 | (2,354) | (168.3) | % | ||||||||||||||||||
| $ | 49,125 | $ | 45,451 | $ | 3,674 | 8.1 | % | ||||||||||||||||
| 销售额最高的六个月 | |||||||||||||||||||||||
| （以千美元计） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 毛利润 | |||||||||||||||||||||||
| 工厂建造的住宅 | $ | 215,030 | $ | 213,875 | $ | 1,155 | 0.5 | % | |||||||||||||||
| 金融服务 | 4,494 | 10,961 | (6,467) | (59.0) | % | ||||||||||||||||||
| $ | 219,524 | $ | 224,836 | $ | (5,312) | (2.4) | % | ||||||||||||||||
| 毛利润占净收入的百分比 | |||||||||||||||||||||||
| 合并后的 | 22.3 | % | 24.2 | % | 无数据 | (1.9) | % | ||||||||||||||||
| 工厂建造的住房 | 22.8 | % | 24.0 | % | 无数据 | (1.2) | % | ||||||||||||||||
| 金融服务 | 11.1 | % | 29.8 | % | 无数据 | (18.7) | % | ||||||||||||||||
| 销售，总务及管理费用 | |||||||||||||||||||||||
| 工厂建造的住房 | $ | 121,160 | $ | 112,476 | $ | 8,684 | 7.7 | % | |||||||||||||||
| 金融服务 | 10,688 | 10,710 | (22) | (0.2) | % | ||||||||||||||||||
| $ | 131,848 | $ | 123,186 | $ | 8,662 | 7.0 | % | ||||||||||||||||
| 营业利润 | |||||||||||||||||||||||
| 工厂建造的住宅 | $ | 93,870 | $ | 101,399 | $ | (7,529) | (7.4) | % | |||||||||||||||
| 金融服务 | (6,194) | 251 | (6,445) | (2,567.7) | % | ||||||||||||||||||
| $ | 87,676 | $ | 101,650 | $ | (13,974) | (13.7) | % | ||||||||||||||||
•在工厂建造的住宅部门，截至2024年9月28日的三个和六个月的毛利润占净营业收入的百分比主要由于平均售价降低，部分抵消了每单位的较低输入成本。
•在金融服务领域，截至2024年9月28日三个月和六个月的毛利润和营业收入受到了7月飓风百里及德克萨斯州多起天气事件，以及今年首个财季新墨西哥州的野火导致的高额保险索赔的负面影响。
•由于高收入激励推动变量补偿增加，以及收购零售位置所产生的费用增加，2024年9月28日结束的三个月内销售、一般和管理费用增加。由于收购零售位置所产生的费用增加，2024年9月28日结束的六个月内销售、一般和管理费用增加。
| 三个月之内结束 | |||||||||||||||||||||||
| （千美元，除每股金额 外） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 利息收入 | $ | 5,692 | $ | 5,812 | $ | (120) | (2.1) | % | |||||||||||||||
| 归属于Cavco普通股股东的净利润 | $ | 43,815 | $ | 41,539 | $ | 2,276 | 5.5 | % | |||||||||||||||
| 摊薄每股净收益 | $ | 5.28 | $ | 4.76 | $ | 0.52 | 10.9 | % | |||||||||||||||
| 销售额最高的六个月 | |||||||||||||||||||||||
| （千美元，除每股金额 外） | 9月28日， 2024 | 2020年9月30日 2023 | 变更 | ||||||||||||||||||||
| 利息收入 | $ | 11,203 | $ | 10,430 | $ | 773 | 7.4 | % | |||||||||||||||
| 归属于Cavco普通股股东的净利润 | $ | 78,244 | $ | 87,896 | $ | (9,652) | (11.0) | % | |||||||||||||||
| 摊薄每股净收益 | $ | 9.38 | $ | 10.05 | $ | (0.67) | (6.7) | % | |||||||||||||||
与我们的核心业务配套的项目对经营业绩产生了以下影响：
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| ($ in millions) | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| Net revenue | ||||||||||||||||||||||||||
| Unrealized (loss) gains recognized during the period on securities held in the financial services segment | $ | (0.4) | $ | (0.3) | $ | 0.5 | $ | — | ||||||||||||||||||
| Selling, general and administrative expenses | ||||||||||||||||||||||||||
| Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer | — | (0.7) | — | (1.0) | ||||||||||||||||||||||
| Other income, net | ||||||||||||||||||||||||||
| Unrealized gains on corporate equity securities | 0.2 | — | 0.1 | 0.1 | ||||||||||||||||||||||
Conference Call Details
Cavco's management will hold a conference call to review these results tomorrow, November 1, 2024, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register at
https://register.vevent.com/register/BI8027130d78cd43a583d368caa437db57 to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.
About Cavco
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) comply with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating manufactured housing, privacy, the internet, and accounting matters; (ix) successfully defend against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 30, 2024 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
| September 28, 2024 | March 30, 2024 | ||||||||||
| ASSETS | (Unaudited) | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 364,113 | $ | 352,687 | |||||||
| Restricted cash, current | 21,519 | 15,481 | |||||||||
| Accounts receivable, net | 94,296 | 77,123 | |||||||||
| Short-term investments | 24,574 | 18,270 | |||||||||
| Current portion of consumer loans receivable, net | 30,899 | 20,713 | |||||||||
| Current portion of commercial loans receivable, net | 36,887 | 40,787 | |||||||||
| Current portion of commercial loans receivable from affiliates, net | 2,894 | 2,529 | |||||||||
| Inventories | 244,025 | 241,339 | |||||||||
| Prepaid expenses and other current assets | 82,758 | 82,870 | |||||||||
| Total current assets | 901,965 | 851,799 | |||||||||
| Restricted cash | 585 | 585 | |||||||||
| Investments | 12,845 | 17,316 | |||||||||
| Consumer loans receivable, net | 20,770 | 23,354 | |||||||||
| Commercial loans receivable, net | 47,192 | 45,660 | |||||||||
| Commercial loans receivable from affiliates, net | 3,933 | 2,065 | |||||||||
| Property, plant and equipment, net | 225,121 | 224,199 | |||||||||
| Goodwill | 121,969 | 121,934 | |||||||||
| Other intangibles, net | 27,445 | 28,221 | |||||||||
| Operating lease right-of-use assets | 36,378 | 39,027 | |||||||||
| Total assets | $ | 1,398,203 | $ | 1,354,160 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 39,252 | $ | 33,531 | |||||||
| Accrued expenses and other current liabilities | 272,228 | 239,736 | |||||||||
| Total current liabilities | 311,480 | 273,267 | |||||||||
| Operating lease liabilities | 32,485 | 35,148 | |||||||||
| Other liabilities | 7,529 | 7,759 | |||||||||
| Deferred income taxes | 4,732 | 4,575 | |||||||||
| Stockholders' equity | |||||||||||
| Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,417,332 and 9,389,953 shares, respectively; Outstanding 8,267,797 and 8,320,718, respectively | 94 | 94 | |||||||||
Treasury stock, at cost; 1,149,535 and 1,069,235 shares, respectively | (348,406) | (274,693) | |||||||||
| Additional paid-in capital | 284,995 | 281,216 | |||||||||
| Retained earnings | 1,105,371 | 1,027,127 | |||||||||
| Accumulated other comprehensive loss | (77) | (333) | |||||||||
| Total stockholders' equity | 1,041,977 | 1,033,411 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,398,203 | $ | 1,354,160 | |||||||
CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||||||
| Net revenue | $ | 507,461 | $ | 452,030 | $ | 985,060 | $ | 927,905 | |||||||||||||||
| Cost of sales | 391,339 | 345,073 | 765,536 | 703,069 | |||||||||||||||||||
| Gross profit | 116,122 | 106,957 | 219,524 | 224,836 | |||||||||||||||||||
| Selling, general and administrative expenses | 66,997 | 61,506 | 131,848 | 123,186 | |||||||||||||||||||
| Income from operations | 49,125 | 45,451 | 87,676 | 101,650 | |||||||||||||||||||
| Interest income | 5,692 | 5,812 | 11,203 | 10,430 | |||||||||||||||||||
| Interest expense | (125) | (257) | (215) | (523) | |||||||||||||||||||
| Other income, net | 258 | 655 | 147 | 781 | |||||||||||||||||||
| Income before income taxes | 54,950 | 51,661 | 98,811 | 112,338 | |||||||||||||||||||
| Income tax expense | (11,135) | (10,088) | (20,567) | (24,354) | |||||||||||||||||||
| Net income | 43,815 | 41,573 | 78,244 | 87,984 | |||||||||||||||||||
| Less: net income attributable to redeemable noncontrolling interest | — | 34 | — | 88 | |||||||||||||||||||
| Net income attributable to Cavco common stockholders | $ | 43,815 | $ | 41,539 | $ | 78,244 | $ | 87,896 | |||||||||||||||
| Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
| Basic | $ | 5.33 | $ | 4.80 | $ | 9.48 | $ | 10.15 | |||||||||||||||
| Diluted | $ | 5.28 | $ | 4.76 | $ | 9.38 | $ | 10.05 | |||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||
| Basic | 8,226,298 | 8,656,537 | 8,256,664 | 8,663,430 | |||||||||||||||||||
| Diluted | 8,305,326 | 8,731,419 | 8,337,671 | 8,742,734 | |||||||||||||||||||
CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||||||
| Capital expenditures | $ | 4,905 | $ | 4,287 | $ | 9,819 | $ | 8,470 | |||||||||||||||
| Depreciation | $ | 4,375 | $ | 4,275 | $ | 8,744 | $ | 8,449 | |||||||||||||||
| Amortization of other intangibles | $ | 385 | $ | 393 | $ | 777 | $ | 785 | |||||||||||||||
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