CAVCO INDUSTRIES Releases FY2024 Q1 Earnings Results for Period Ending June 30 2023
August 15, 2023
🌥️Earnings Overview
On August 3 2023, CAVCO INDUSTRIES ($NASDAQ:CVCO) reported their Fiscal Year 2024 Q1 earnings results for the period ending June 30 2023. Total revenue declined 19.1% compared to the same period last year, registering USD 475.9 million, while net income dropped 22.2% to USD 46.4 million.
Price History
On Thursday, CAVCO INDUSTRIES released their financials for the first quarter of fiscal year 2024, covering the period ending June 30, 2023. The news was not greeted with enthusiasm by investors, however, as the stock opened at $285.6 and closed at $278.8, down by 2.6% from its prior closing price of $286.2. This is likely due to the fact that earnings fell short of expectations and may have been further hampered by the continued uncertainty in the market due to the ongoing pandemic.
In spite of this, CAVCO Industries remain confident in their outlook and are looking forward to continuing their growth in the second quarter of fiscal year 2024. The company is also hopeful that the stock will rebound in the near future as investors gain greater confidence in the market and the company’s prospects going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cavco Industries. More…
| Total Revenues | Net Income | Net Margin |
| 2.03k | 227.31 | 11.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cavco Industries. More…
| Operations | Investing | Financing |
| 279.75 | -102.86 | -63.47 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cavco Industries. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.35k | 329.1 | 117.88 |
Key Ratios Snapshot
Some of the financial key ratios for Cavco Industries are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 24.5% | 50.9% | 14.2% |
| FCF Margin | ROE | ROA |
| 12.6% | 18.1% | 13.4% |
Analysis
At GoodWhale, we have conducted a thorough analysis of the fundamentals of CAVCO INDUSTRIES to evaluate its risk rating. We believe that CAVCO INDUSTRIES is a medium risk investment when it comes to both financial and business aspects. We have identified two risk warnings in their income sheet which are non-financial, and we invite you to visit goodwhale.com to learn more. Our team of experts is confident that the comprehensive assessment we have conducted will help you make informed decisions about your investments. More…
Peers
The company has a long history of competition with other leading companies in the industry, including Skyline Champion Corp, Century Communities Inc, and Tama Home Co Ltd. Cavco has a reputation for innovation and quality, and is always looking for ways to improve its products and services. The company is committed to providing its customers with the best possible value, and its competitive prices and superior quality have helped it to become one of the most successful companies in the industry.
– Skyline Champion Corp ($NYSE:SKY)
Skyline Champion Corp is a leading manufacturer of modular homes, mobile homes, and RV park model homes in North America. The company has a market cap of 2.69B as of 2022 and a Return on Equity of 34.19%. Skyline Champion Corp is a publicly traded company on the New York Stock Exchange (NYSE) under the ticker symbol SKY.
– Century Communities Inc ($NYSE:CCS)
Century Communities, Inc. engages in the development, design, construction, marketing, and sale of residential single-family attached and detached homes in metropolitan areas in Colorado, Texas, Arizona, Nevada, Georgia, North Carolina, and Washington. As of December 31, 2020, the company owned and controlled approximately 25,700 lots. It sells its homes through its sales associates, as well as through independent real estate brokers. The company was founded in 2013 and is headquartered in Greenwood Village, Colorado.
– Tama Home Co Ltd ($TSE:1419)
Tama Home Co Ltd is a Japanese home goods company with a market cap of 66.87B as of 2022. The company has a Return on Equity of 26.04%. Tama Home Co Ltd designs, manufactures, and sells home goods, including furniture, kitchenware, and bathroom fixtures. The company operates in Japan, China, and the United States.
Summary
CAVCO Industries‘ Q1 FY2024 earnings results, released on August 3 2023, indicate a decrease in both total revenue and net income year-over-year. Total revenue fell 19.1% to USD 475.9 million and reported net income decreased 22.2% to USD 46.4 million. Investors should carefully consider the impact of these declines when assessing the stock.
In addition, investors should monitor future earnings reports for any signs of improvement or further deterioration in the company’s performance. While the current outlook is uncertain, investors should remain vigilant in evaluating the potential risks and rewards of investing in CAVCO Industries.
