Legacy Housing Corporation announced its financial results for the third quarter ended September 30, 2024, reporting a net income of $15.8 million. The company achieved earnings per share of 64 cents for the quarter. Total revenue for the period was $44.3 million, representing an 11% decrease compared to the third quarter of the prior year.
President and CEO Duncan Bates noted that Legacy hosted a record number of customers at its 2024 Fall Show in late September. The company showcased updated interior and exterior finishes designed to match the preferences of younger homebuyers, which were well received. Orders written at the show pushed the company's backlog into the first quarter of 2025.
Management indicated that the team continues to execute on strategic initiatives, expressing belief that the market for Legacy's products will strengthen into 2025. This outlook is based on housing affordability remaining near all-time lows, suggesting continued demand for affordable housing solutions. The company also observed promising growth in interest income and retail finance applications during the quarter.
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