Cavco Industries, Inc. announced its financial results for the first fiscal quarter ended June 28, 2025, reporting a robust performance. Consolidated net revenue surged 16.6% year-over-year to $556.9 million, with operating profit climbing approximately 50% compared to both the prior quarter and the previous year. Net income reached $51.6 million, resulting in diluted earnings per share of $6.42.
The Factory-Built Housing segment was a primary driver of this growth, with net revenue increasing 17% year-over-year to $535.7 million. This was fueled by a 14.7% increase in homes sold, culminating in a record 5,416 homes shipped during the quarter. Average revenue per home sold also saw a 1.9% increase, and capacity utilization reached approximately 75%, up from 65% in the comparable period.
The Financial Services segment delivered a significant turnaround, with net revenue rising 8.2% year-over-year to $21.2 million and gross profit dramatically improving to 40.9% from 0.6% in Q1 FY25. This improvement was driven by higher insurance premium rates, fewer claim losses, and meaningful improvements to underwriting criteria. Cavco also repurchased $50 million of stock in Q1 FY26 and held $368.4 million in cash.
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