 | 更多信息請聯繫: | |||||||
馬克·福斯勒 公司控制器和投資人關係 investor_relations@cavco.com | ||||||||
| 新聞稿 | 電話： 602-256-6263 在互聯網上： www.cavcoindustries.com | |||||||
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卡寇工業公佈財務報告，截至2025年度 二季度業績和宣佈新10000萬股票回購計劃
鳳凰城，2024年10月31日（環球新聞社）- 卡夫科工業公司（納斯達克：CVCO）（「我們」，「我們的」，「公司」或「卡夫科」）今天宣佈截至2024年9月28日的第二財季財務業績。
本季度亮點
•淨營業收入爲5.07億美元，比去年同期第二季度的4.52億美元增長了5500萬美元，增幅爲12.3%，主要是受到住宅銷售量增長的影響。
•房屋銷售量增加了 15.7% 而產能利用率約爲 70% 從約 去年第二季度的60%。
•工廠建造的住宅毛利潤佔淨營業收入的比例爲22.9%，而去年同期爲23.2%。
•金融服務毛利潤佔淨收入的百分比爲21.8%，相比之下，去年同期的毛利潤爲35.9%。
•稅前收入爲5500萬美元，比上一財年期間的5170萬美元增加了330萬美元，增長了6.4%。
•每股淨收益，歸屬於Cavco普通股股東，爲5.28美元，較去年同期的4.76美元有所增加。
•未處理工作總額爲 在本季度末達到2.76億美元， 上漲6.3％的三年中，股票的價格似乎沒有反映出EPS的增長。所以，有理由對一些其他指標進行研究。 相較於三個月前的2.32億美元， 減少4400萬美元，或19%， 與備貨中的模塊增長20%。
•季度股票回購約爲4400萬美元。
•2024年10月29日，公司董事會批准了一個額外10000萬美元的股票回購計劃。
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 $400萬 in claims resulting from Hurricane Beryl early in the period.
他繼續說：「我們將繼續爲所有受颶風海倫和米頓影響的人祈禱並提供支持。幸運的是，我們的員工和家人都平安無事；然而，許多人遭受了毀滅性的財產損失。在應對個人挑戰的同時，我們Cavco團隊恢復了運營，最大程度地減少了對家居發貨的負面影響。我們要感謝所有在該地域板塊堅韌不拔，致力於爲客戶提供住房的敬業同事。在這些災難過後，這項工作的重要性變得更加明顯。」
財務結果
| 三個月之內結束 | |||||||||||||||||||||||
| （以千美元爲單位，除每套房銷售營業收入外） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 營業收入 | |||||||||||||||||||||||
| 工廠建造的住房 | $ | 486,343 | $ | 434,066 | $ | 52,277 | 12.0 | % | |||||||||||||||
| 金融服務 | 21,118 | 17,964 | 3,154 | 17.6 | % | ||||||||||||||||||
| $ | 507,461 | $ | 452,030 | $ | 55,431 | 12.3 | % | ||||||||||||||||
| 出售工廠預製模塊 | 8,119 | 6,912 | 1,207 | 17.5 | % | ||||||||||||||||||
| 出售工廠預製住宅（包括一個或多個模塊） | 4,913 | 4,248 | 665 | 15.7 | % | ||||||||||||||||||
| 每套出售的工廠預製住宅淨營業收入 | $ | 98,991 | $ | 102,181 | $ | (3,190) | (3.1) | % | |||||||||||||||
| 銷售額最高的六個月 | |||||||||||||||||||||||
| （以千美元爲單位，除每套出售的營業收入外） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 營業收入 | |||||||||||||||||||||||
| 工廠建造的住房 | $ | 944,391 | $ | 891,175 | $ | 53,216 | 6.0 | % | |||||||||||||||
| 金融服務 | 40,669 | 36,730 | 3,939 | 10.7 | % | ||||||||||||||||||
| $ | 985,060 | $ | 927,905 | $ | 57,155 | 6.2 | % | ||||||||||||||||
| 出售工廠建造的模塊 | 15,790 | 14,318 | 1,472 | 10.3 | % | ||||||||||||||||||
| 銷售工廠建造的住房（包括一個或多個模塊） | 9,634 | 8,830 | 804 | 9.1 | % | ||||||||||||||||||
| 每套住房的淨工廠建造收入 | $ | 98,027 | $ | 100,926 | $ | (2,899) | (2.9) | % | |||||||||||||||
•在工廠建造的住宅領域，淨營業收入的增加是由於更高的房屋銷售量，部分抵消了每套售出的房屋的收入下降，主要是由於通過我們公司自有店鋪銷售的房屋比例較低，以及產品定價下降。在三個和六個月的時間段內，淨收入的增加是由於更高的房屋銷售量，部分抵消了每套售出的房屋的收入下降，主要是由於通過我們公司自有店鋪銷售的房屋比例較低，以及產品定價下降。
•財務服務部門的淨營業收入在三個月和六個月的時間段內因較高的保險費用而增加。
| 三個月之內結束 | |||||||||||||||||||||||
| （以千美元計） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 毛利潤 | |||||||||||||||||||||||
| 工廠建造的住房 | $ | 111,520 | $ | 100,507 | $ | 11,013 | 11.0 | % | |||||||||||||||
| 金融服務 | 4,602 | 6,450 | (1,848) | (28.7) | % | ||||||||||||||||||
| $ | 116,122 | $ | 106,957 | $ | 9,165 | 8.6 | % | ||||||||||||||||
| 毛利潤佔淨營業收入的百分比 | |||||||||||||||||||||||
| 合併後的 | 22.9 | % | 23.7 | % | 無數據 | (0.8) | % | ||||||||||||||||
| 工廠建造的住宅 | 22.9 | % | 23.2 | % | 無數據 | (0.3) | % | ||||||||||||||||
| 金融服務 | 21.8 | % | 35.9 | % | 無數據 | (14.1) | % | ||||||||||||||||
| 銷售，總務及管理費用 | |||||||||||||||||||||||
| 工廠建造的住宅 | $ | 61,440 | $ | 56,455 | $ | 4,985 | 8.8 | % | |||||||||||||||
| 金融服務 | 5,557 | 5,051 | 506 | 10.0 | % | ||||||||||||||||||
| $ | 66,997 | $ | 61,506 | $ | 5,491 | 8.9 | % | ||||||||||||||||
| 營業利潤 | |||||||||||||||||||||||
| 工廠建造的住宅 | $ | 50,080 | $ | 44,052 | $ | 6,028 | 13.7 | % | |||||||||||||||
| 金融服務 | (955) | 1,399 | (2,354) | (168.3) | % | ||||||||||||||||||
| $ | 49,125 | $ | 45,451 | $ | 3,674 | 8.1 | % | ||||||||||||||||
| 銷售額最高的六個月 | |||||||||||||||||||||||
| （以千美元計） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 毛利潤 | |||||||||||||||||||||||
| 工廠建造的住宅 | $ | 215,030 | $ | 213,875 | $ | 1,155 | 0.5 | % | |||||||||||||||
| 金融服務 | 4,494 | 10,961 | (6,467) | (59.0) | % | ||||||||||||||||||
| $ | 219,524 | $ | 224,836 | $ | (5,312) | (2.4) | % | ||||||||||||||||
| 毛利潤佔淨收入的百分比 | |||||||||||||||||||||||
| 合併後的 | 22.3 | % | 24.2 | % | 無數據 | (1.9) | % | ||||||||||||||||
| 工廠建造的住房 | 22.8 | % | 24.0 | % | 無數據 | (1.2) | % | ||||||||||||||||
| 金融服務 | 11.1 | % | 29.8 | % | 無數據 | (18.7) | % | ||||||||||||||||
| 銷售，總務及管理費用 | |||||||||||||||||||||||
| 工廠建造的住房 | $ | 121,160 | $ | 112,476 | $ | 8,684 | 7.7 | % | |||||||||||||||
| 金融服務 | 10,688 | 10,710 | (22) | (0.2) | % | ||||||||||||||||||
| $ | 131,848 | $ | 123,186 | $ | 8,662 | 7.0 | % | ||||||||||||||||
| 營業利潤 | |||||||||||||||||||||||
| 工廠建造的住宅 | $ | 93,870 | $ | 101,399 | $ | (7,529) | (7.4) | % | |||||||||||||||
| 金融服務 | (6,194) | 251 | (6,445) | (2,567.7) | % | ||||||||||||||||||
| $ | 87,676 | $ | 101,650 | $ | (13,974) | (13.7) | % | ||||||||||||||||
•在工廠建造的住宅部門，截至2024年9月28日的三個和六個月的毛利潤佔淨營業收入的百分比主要由於平均售價降低，部分抵消了每單位的較低輸入成本。
•在金融服務領域，截至2024年9月28日三個月和六個月的毛利潤和營業收入受到了7月颶風百里及德克薩斯州多起天氣事件，以及今年首個財季新墨西哥州的野火導致的高額保險索賠的負面影響。
•由於高收入激勵推動變量補償增加，以及收購零售位置所產生的費用增加，2024年9月28日結束的三個月內銷售、一般和管理費用增加。由於收購零售位置所產生的費用增加，2024年9月28日結束的六個月內銷售、一般和管理費用增加。
| 三個月之內結束 | |||||||||||||||||||||||
| （千美元，除每股金額 外） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 利息收入 | $ | 5,692 | $ | 5,812 | $ | (120) | (2.1) | % | |||||||||||||||
| 歸屬於Cavco普通股股東的淨利潤 | $ | 43,815 | $ | 41,539 | $ | 2,276 | 5.5 | % | |||||||||||||||
| 攤薄每股淨收益 | $ | 5.28 | $ | 4.76 | $ | 0.52 | 10.9 | % | |||||||||||||||
| 銷售額最高的六個月 | |||||||||||||||||||||||
| （千美元，除每股金額 外） | 9月28日， 2024 | 2020年9月30日 2023 | 變更 | ||||||||||||||||||||
| 利息收入 | $ | 11,203 | $ | 10,430 | $ | 773 | 7.4 | % | |||||||||||||||
| 歸屬於Cavco普通股股東的淨利潤 | $ | 78,244 | $ | 87,896 | $ | (9,652) | (11.0) | % | |||||||||||||||
| 攤薄每股淨收益 | $ | 9.38 | $ | 10.05 | $ | (0.67) | (6.7) | % | |||||||||||||||
與我們的核心業務配套的項目對經營業績產生了以下影響：
| 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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