Phoenix-based Cavco Industries Inc., a manufactured housing, park model RV and travel trailer RV builder and insurance provider, reported significant income increases for the company’s third fiscal 2017 quarter, ended Dec. 31.
According to the company’s announcement, net revenue for the third quarter totaled $202.3 million, up 11.5% from $181.4 million for the 2016 third quarter. The increase is primarily from 8.5% higher home sales during the period.
Net revenue for the first nine months was $575.8 million, up 7.6% from $535.1 million for the comparable prior-year period, boosted by 7.9% greater home sales volume. The nine-month period includes one additional month of Fairmont Homes operations versus the same period last year, as Fairmont Homes was purchased by the company on May 1, 2015.
Net income was $12.3 million for the third quarter compared to net income of $8.1 million in the same quarter of the prior year, a 51.9% increase. For the nine months, net income was $27.1 million, up 25.5% from net income of $21.6 million a year ago.
Joseph Stegmayer, chairman, president and CEO said in the announcement, “Homebuyer demand was on a general uptrend during the first nine months of the fiscal year and continues to be positive. Recently, the company has been delivering a limited number of units for disaster relief, which enhances Cavco’s housing revenue in the otherwise seasonally slower winter months. The manufactured housing industry appears to be in a modest recovery mode from the historically low levels of recent years and we believe we are positioned well to benefit.”
The company’s leaders will hold a conference call on the results Tuesday at 1 p.m. EST, accessible at Cavco.com through the “Investor Relations” link.