Company: CVCO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000278166-25-000128
Chunk: 63

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 fluctuations in this metric.

For the three months ended June 28, 2025, Financial services Net revenue increased primarily due to higher insurance premiums.

Gross Profit

Three Months Ended($ in thousands)June 28,2025June 29,2024ChangeFactory-built housing$120,845 $103,510 $17,335 16.7 %Financial services8,661 (108)8,769 NM$129,506 $103,402 $26,104 25.2 %Gross profit as % of Net revenueConsolidated23.3 %21.7 %N/A1.6 %Factory-built housing22.6 %22.6 %N/A— %Financial services40.9 %(0.6)%N/A41.5 %

Factory-built housing Gross profit for the three months ended June 28, 2025 increased due to higher sales volume. Gross profit as a percentage of Net revenue for the three months was flat as increased Net revenue per home sold was offset by increased input costs driven largely by increased material costs. 

Financial services Gross profit in dollars and as a percentage of Financial services Net revenue for the three months increased due to higher insurance premiums, lower claim losses and reduced costs from improved underwriting guidelines. 

 Selling, General and Administrative Expenses

Three Months Ended($ in thousands)June 28,2025June 29,2024ChangeFactory-built housing$63,154 $59,720 $3,434 5.8 %Financial services5,994 5,131 863 16.8 %$69,148 $64,851 $4,297 6.6 %Selling, general and administrative expenses as % of Net revenue12.4 %13.6 %N/A(1.2)%

Factory-built housing Selling, general and administrative expenses increased for the three months ended June 28, 2025 as a result of variable compensation driven by higher incentive compensation due to higher earnings compared to the prior year period. 

Financial services Selling, general and administrative expenses for the three months increased primarily due to increases in compensation year over year. 

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Other Components of Net Income

Three Months Ended($ in thousands)June 28,2025June 29,2024ChangeInterest income$5,103 $5,511 $(408)(7.4)%Interest expense(164)(90)