Cavco Industries Q1 revenue beats estimates helped by higher home sales volume
CVCO•Q1 revenue and EPS
Cavco Industries said fiscal first-quarter revenue rose 9.5% year over year, beating analyst expectations, while diluted EPS fell 15% year over year to $5.43.
The U.S. factory-built housing maker reported revenue of $609.96 million, above the $590.54 million consensus estimate from three analysts.
Revenue drivers and costs
Revenue growth was driven by higher home sales volume, including from the American Homestar acquisition, and increased revenue per home sold.
Financial services revenue rose due to increased loan sales and unrealized gains on the equity portfolio.
Gross profit margin in factory-built housing declined due to higher input costs, partially offsetting gains from increased sales volume and price.
Capital return and outlook
The company repurchased $30 million in stock during the quarter.
Cavco did not provide specific guidance for the current quarter or full year.
Analyst coverage and valuation
The current average analyst rating on the shares is buy, with 3 strong buy or recommendations, 1 , and no or ratings.
