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Cavco Industries Inc. (CVCO-1.92%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $522,040,000 from $446,769,000 in the same quarter the previous year. This increase is attributed to higher home sales volume.
Gross profit for the quarter was $129,950,000, compared to $103,051,000 in the previous year, with the increase attributed to lower input costs per unit and efficiencies gained on increased production.
Selling, general, and administrative expenses increased to $65,980,000 from $63,312,000, primarily due to increases in variable compensation and compensation related to acquired retail locations.
Net income for the quarter was $56,462,000, up from $35,987,000 in the previous year. The effective tax rate for the quarter was 18.6%, compared to 18.0% in the previous year.
Cash provided by operating activities was $139,851,000, while cash used in investing and financing activities was $13,976,000 and $116,002,000, respectively.
Cavco had a working capital of $877,987,000 as of December 28, 2024. The company maintains a strong balance sheet with cash and cash equivalents of $362,863,000.
The filing also details various financial agreements, including an amended and restated credit agreement with Bank of America, providing for a $75 million revolving credit facility.
Cavco does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its product distribution and maintaining a conservative cost structure to build added value into its homes.
Cavco's backlog at December 28, 2024, was $224 million, compared to $276 million at September 28, 2024, and $160 million at December 30, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cavco Industries Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.