Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 68

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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 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 5,557 915 16.5 %$72,229 $66,997 $5,232 7.8 %Selling, general and administrative expenses as % of Net revenue13.0 %13.2 %N/A(0.2)% Six Months Ended($ in thousands)September 27,2025September 28,2024ChangeFactory-built housing$128,911 $121,160 $7,751 6.4 %Financial services12,466 10,688 1,778 16.6 %$141,377 $131,848 $9,529 7.2 %Selling, general and administrative expenses as % of Net revenue12.7 %13.4 %N/A(0.7)%

Factory-built housing Selling, general and administrative expenses increased for the three and six months ended September 27, 2025 as a result of variable compensation driven by higher incentive compensation due to higher earnings compared to the