Cavco Industries, Inc. reported a significant increase in financial performance for the fiscal year ending March 29, 2025, with total net revenue reaching $2.02 billion, a 12.3% increase from $1.79 billion in the previous fiscal year. The factory-built housing segment contributed $1.93 billion, up 12.6% from $1.72 billion, driven by a 16.7% rise in the number of homes sold, totaling 19,753 units compared to 16,928 in the prior year. However, the average revenue per home sold decreased by 3.5% to $97,864, attributed to a shift in sales mix and lower average selling prices.
The company experienced operational changes, including a strategic rebranding initiative that unified its various trade names under the Cavco brand, enhancing marketing efficiency and customer experience. Additionally, Cavco's finance subsidiary, CountryPlace, reported a 5.3% increase in revenue to $82.3 million, primarily due to higher insurance premiums, although it faced challenges with fewer loans sold. The company’s gross profit rose to $465.6 million, a 9.1% increase, despite a decline in gross profit margin from 23.8% to 23.1%, largely due to increased costs in the financial services segment.
Cavco's operational metrics showed a robust workforce of approximately 7,000 employees, with a home order backlog valued at $197 million, reflecting a $6 million increase from the previous year. The company operates 31 production lines across the U.S. and Mexico, with a significant presence in Texas, where 46 of its 80 retail stores are located. The company’s insurance subsidiary, Standard Casualty, reported a notable increase in claims reserves, reflecting higher weather-related claims, which impacted profitability.
Looking ahead, Cavco anticipates continued challenges in the housing market, particularly regarding consumer financing availability and rising interest rates, which could affect home sales. The company remains focused on expanding its lending programs and enhancing its product offerings to meet evolving consumer demands. Management expressed optimism about future growth opportunities, particularly in the affordable housing sector, while acknowledging the cyclical nature of the industry and potential economic headwinds.
About CAVCO INDUSTRIES INC.
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