Cavco Industries Reports Q1 Fiscal 2027 Earnings with Record Revenue and Backlog Growth
Cavco Industries (NASDAQ:CVCO) reported first-quarter fiscal 2027 revenue of $610 million, a 9.5% increase year over year and the first time it exceeded $600 million in quarterly sales. The company shipped a record 5,657 homes during the quarter, up 13% sequentially, driven by strong demand across all regions and channels. Backlog increased more than 50% both year-over-year and sequentially due to double-digit order growth. Despite higher revenue, profitability weakened as gross margin fell from 23.3% to 22.1%, primarily due to rising unit costs, Texas retail competition, tariffs, inflation, and freight expenses. Net income dropped by 18% year over year to $42.3 million, with diluted EPS falling to $5.43 from $6.42 as SG&A expenses increased. Cavco generated strong cash flow of $74.5 million during the quarter, ended with $243 million in unrestricted cash, and repurchased $30 million worth of stock.
Tickers: $CVCO
Topics: backlog growth gross margin decline net income operating cash flow revenue