Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 42

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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/models and optional home upgrades create changes in product mix, also causing fluctuations in this metric.

For the three and six months ended September 27, 2025, Financial services Net revenue increased primarily due to higher insurance premiums.

22

Gross Profit

Three Months Ended($ in thousands)September 27,2025September 28,2024ChangeFactory-built housing$122,493 $111,520 $10,973 9.8 %Financial services11,914 4,602 7,312 158.9 %$134,407 $116,122 $18,285 15.7 %Gross profit as % of Net revenueConsolidated24.2 %22.9 %N/A1.3 %Factory-built housing22.9 %22.9 %N/A— %Financial services55.6 %21.8 %N/A33.8 % Six Months Ended($ in thousands)September 27,2025September 28,2024ChangeFactory-built housing$243,338 $215,030 $28,308 13.2 %Financial services20,575 4,494 16,081 357.8 %$263,913 $219,524 $44,389 20.2 %Gross profit as % of Net revenueConsolidated23.7 %22.3 %N/A1.4 %Factory-built housing22.7 %22.8 %N/A(0.1)%Financial services48.3 %11.1 %N/A37.2 %

Factory-built housing Gross profit and Gross profit as a percentage of Net revenue for the three and six months ended September 27, 2025 increased due to higher sales volume and an increase in Net revenue per home sold.  

Financial services Gross profit in dollars and as a percentage of Financial services Net revenue for the three and six months ended September 27, 2025 increased due to higher insurance premiums and lower claim losses. The claim loss reduction resulted from policy underwriting improvements and severe weather events in the prior year periods. 

23

 Selling, General and Administrative Expenses

Three Months Ended($ in thousands)September 27,2025September 28,2024ChangeFactory-built housing$65,757 $61,440 $4,317 7.0 %Financial services6,472