The fourth quarter and fiscal year ended on April 3 and included a 53 week year with the extra week being reported in the fourth quarter.
Other key takeaways:
- Gross profit as a percentage of net revenue increased to 23.1%
- Earnings per diluted share were $2.71 compared to $1.29 for the same quarter last year
- Factory capacity utilization was approximately 75% during the quarter, consistent with the third quarter
- Home sales order rates improved 50% over last year’s quarter
- Backlogs increased $131 million during the quarter
Fiscal Year 2021
- Grew Net revenue 4.3% and Income before income taxes 4.2%, the eleventh straight year of revenue and earnings growth
- Gross profit as a percentage of net revenue was 21.6%, consistent with the prior year
- Earnings per diluted share were $8.25, compared to $8.10 last year
- Home sales order rates up over 40% for the year
- Announced new park model facility in Arizona with an estimated completion date of December 2021
“This fiscal year started with unprecedented disruption and uncertainty due to the COVID-19 pandemic,” stated Bill Boor, president and CEO of Cavco. “In the face of that uncertainty, teams across Cavco resolved to continue safe operations for the benefit of our customers and employees. Our strong results are a direct reflection of our co-workers’ resilience and commitment. This dedication was also evident during the Texas freeze in February, where we minimized production downtime, quickly reopened retail stores, continued lending operations and did an outstanding job taking care of insurance customers in their time of need.
“Despite ongoing labor and supply challenges, we’ve been able to steadily improve manufacturing throughput throughout the year,” he added. “Continued extraordinary demand and excessively long lead times for our customers keep us singularly focused on improving production rates. In that regard, we are very happy to have announced the addition of our new park model facility in Glendale, Ariz., which will start production later this year. This investment in capacity will allow us to better serve our park model RV customers while also freeing up production capacity at other facilities. Continued expansion of throughput and capacity is our priority.”
