What were the key takeaways from Cavco Industries's earnings call?

What does Cavco Industries do and what are its main business segments?

What is Cavco Industries's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Cavco Industries year over year?

Did Cavco Industries beat or miss consensus estimates last quarter?

What guidance did Cavco Industries's management provide for the next earnings period?

What were the key takeaways from Cavco Industries’s earnings call?

What factors drove the changes in Cavco Industries's revenue and profit?

- **Revenue Growth**: 9.7% YoY to $556.5M, driven by factory-built housing (+10% units, +4.4% ASP). 
- **Regional Strategy**: Maintained pricing in Southeast (-4% shipments) while accelerating Northern US production. 
- **Acquisition Impact**: Homestar adds 2 plants, 20 stores, 60% sales through company-owned channels. 
- **Tariff Risk**: $2-5.5M/Q potential COGS impact from Canadian lumber tariffs. 
- **Profitability**: Gross margin 24.2%, financial services margin 55.6% (vs 21.8% prior year). 
- **Share Buybacks**: $36M executed, $142M remaining under program. 
- **Automation Investment**: $10M/Q for plant efficiency, safety upgrades. 
- **Regulatory Progress**: HUD code updates, chassis removal bill momentum. 


**【CEO Summary Section】**
- Q2 revenue grew 9.7% YoY to $556.5 million, driven by factory-built housing and financial services segments. 
- Adjusted production rates in the Southeast due to slower shipments (-4% YoY) while maintaining pricing discipline. 
- Completed American Homestar acquisition post-quarter, integrating 2 plants and 20 retail stores. 
- Capital allocation: $36M share buybacks, $142M remaining under repurchase program. 

**【CFO Financial Commentary】**
- Net income $52.4M (+20% YoY), EPS $6.55 vs $5.28 prior year. 
- Gross margin 24.2% (up 130bps YoY), financial services margin 55.6% (vs 21.8% prior year). 
- Tariffs added $2M Q2 COGS, potential $2-5.5M/Q impact moving forward. 
- Operating expenses $72.2M (13% of revenue), up 7.7% YoY due to acquisition costs. 

**【Q&A Highlights】**
- **Market Trends**: Northern US shipments +10% YoY, Southeast down 4% YoY. 
- **Tariffs**: Lumber tariffs ($194M revenue, $18M EBITDA) integrated smoothly. 
- **Regulatory**: HUD code updates, chassis removal bill progress. 
- **Margins**: 60% Homestar sales through company-owned stores, ASP stable despite Southeast slowdown. 
- **Capital Allocation**: $10M Q2 CapEx for plant automation, safety improvements. 

**【Financial Services】**
- $21.4M revenue (+1.4% YoY), profit $14M (vs $8M prior year). 
- Claims management improvements offset weather-related claims decline. 


Cavco Industries, Inc. (CVCO) Q2 2026 Earnings Call Transcript

Factory-Built Housing

Financial Services

CVCO

CVCO fundamentals

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