Cavco Industries Stock Earnings Reports

Cavco reported a strong Q1 FY2026: revenue of $556.9M (up 16.6% YoY, +9.5% on a different basis noted by management), operating profit up ~50% vs prior quarter and year-ago, and record shipments of 5,416 homes. Factory-Built Housing drove results with a 14.7% increase in homes sold and a 1.9% increase in average revenue per home; capacity utilization rose to ~75% (from 65% a year ago). Management highlighted true price appreciation this quarter after a long period of modest declines and a favorable shift to more multi-section homes. Financial Services swung from a loss a year ago to a profit this quarter, aided by better underwriting/pricing and fewer storm claims; Financial Services gross margin rose materially. Cavco continues active capital allocation: repurchased $50M of stock in the quarter (16.6% of shares repurchased since 2021) and announced the planned acquisition of American Homestar (expected cash use ~ $184M, closing early Q3), with continued plant investments (Q1 CapEx ~$9M) to expand/modernize capacity. Cash and restricted cash totaled $368.4M; operating cash flow remained strong. Management remains constructive but cautious on near-term demand — they intentionally increased production to capture backlog but are monitoring regional differences (Southeast lagged other regions this quarter) and macro uncertainty. Tariffs are an emerging cost risk: Q1 tariff impact was small (~$0.7M), but full implementation could add an estimated $2M–$5.5M per quarter to COGS. No formal forward guidance was provided.