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Cavco Cavco Industries Inc. (Nasdaq: CVCO) Thursday (Nov. 4) announced financial results for the second fiscal quarter ended Oct. 2, and provided updates on other business items.

On Sept. 24, Cavco completed the acquisition of certain assets and liabilities of The Commodore Corporation (“Commodore”), which operates six manufacturing plants and two retail locations. Since the acquisition date, the results of Commodore are included in Cavco’s consolidated financial statements.

Quarterly Highlights

  • Record-breaking net revenue and net income of $360 million and $38 million, respectively
  • Gross profit as a percentage of net revenue increased to 25% with factory-built housing gross profit as a percentage of net revenue at 24.1%
  • Earnings per diluted share were $4.06 compared to $1.62 in last year’s quarter
  • Backlogs were $1.1 billion at the end of the quarter, up $315 million from three months earlier. Of this increase, Commodore contributed $279 million
  • Returned $7.6 million to shareholders through stock repurchases

“Our businesses continue to do an outstanding job of managing through an extremely volatile period,” Bill Boor, president and chief executive officer, stated in a release. “The impressive results this quarter were achieved while managing persistent labor and supply challenges. We were also able to close on the Commodore acquisition ahead of schedule and are well into the combination of two strong organizations. We’re excited about the improvements that will come from leveraging the best of both.

“With continuing strong demand drivers and our solid operating foundation we remain focused on our long-term strategies. We have a tremendous opportunity to provide affordable homes at a faster and faster pace by investing in manufacturing improvements in our existing plants and growing our capacity through new operations and acquisitions,” Boor continued.

Click here to read the full press release on the company’s quarterly report.