Cavco Industries Q1 Earnings Smashes Estimates

Cavco Industries Inc CVCO reported first-quarter FY23 sales growth of 78.1% year-on-year to $588.34 million, beating the consensus of $451.08 million.
Segment Revenue: Factory-built housing rose 83.4% to $572.6 million, and Financial services declined 13.2% to $15.7 million.
The gross profit jumped 95.5% Y/Y to $144.7 million, with the margin expanding 220 basis points to 24.6%.
Selling, general and administrative expenses rose 61.9% to $66.1 million.
The operating margin was 13.3%, and operating income for the quarter increased 136.8% to $78.6 million.
The company held $268.5 million in cash and equivalents as of July 2, 2022.
Backlogs rose 26.3% Y/Y to $1 billion.
EPS of $6.63 beat the analyst consensus of $5.13.
On May 25, 2022, CVCO's Board of Directors approved a new $100 million stock repurchase program. The company returned nearly $39 million to shareholders through stock repurchases during Q1, fully utilizing the authorization from October 2020.
Price Action: CVCO shares closed higher by 1.80% at $255.72 on Thursday.