Q4 2024 Cavco Industries Inc Earnings Call Transcript
Key Points
- Order rates strengthened during the quarter, leading to almost all plants returning to five-day schedules and increasing daily production rates.
- First quarter-to-quarter backlog increase since the downturn began, with backlog ending at $191 million, up from $160 million in Q3.
- Gross margin in the housing segment maintained at 22.4% despite a small reduction in average selling price.
- Significant improvement in safety results, with a 37% reduction in total recordable injury rate for the fiscal year.
- Expansion of retail footprint by adding 15 stores in the fiscal year, supporting planned distribution needs.
- Net revenues for the fourth fiscal quarter of 2024 were down 11.8% compared to the prior year period.
- Factory utilization for Q4 2024 was approximately 60%, consistent with the past four quarters, indicating underutilization.
- Community orders are still lagging, with meaningful improvement expected to take a few more quarters.
- Gross profit as a percentage of revenue in the factory-built housing segment declined by 200 basis points to 22.4% in Q4 2024.
- Net income to Cavco stockholders decreased to $33.9 million compared to $47.3 million in the same quarter of the prior year.
Good day, and thank you for standing by. Welcome to the fourth quarter fiscal year 2024 Cavco Industries Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Fusler, Corporate Controller, and Investor Relations. Please go ahead.
Good day and thank you for joining us for Cavco Industries fourth quarter and fiscal year 2024 earnings conference call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer and Paul Bigbee, Chief Accounting Officer.
Before we begin, we'd like to remind you that comments made during this conference call by management may contain forward looking statements, including statements of expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current
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