Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 5

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utility connections, site improvements, landscaping and additional services. Our homes are constructed in one or more floor sections ("modules") which are then installed on the customer's site. Changes in the number of modules per home, the selection of different home types/models and optional home upgrades create changes in product mix, also causing fluctuations in this metric.

For the three and nine months ended December 28, 2024, Financial services Net revenue increased primarily due to higher insurance premiums.

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Gross Profit

Three Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$118,193 $95,756 $22,437 23.4 %Financial services11,757 7,295 4,462 61.2 %$129,950 $103,051 $26,899 26.1 %Gross profit as % of Net revenueConsolidated24.9 %23.1 %N/A1.8 %Factory-built housing23.6 %22.4 %N/A1.2 %Financial services55.5 %36.8 %N/A18.7 % Nine Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$333,223 $309,631 $23,592 7.6 %Financial services16,251 18,256 (2,005)(11.0)%$349,474 $327,887 $21,587 6.6 %Gross profit as % of Net revenueConsolidated23.2 %23.9 %N/A(0.7)%Factory-built housing23.1 %23.5 %N/A(0.4)%Financial services26.3 %32.3 %N/A(6.0)%

Factory-built housing Gross profit as a percentage of Net revenue for the three months increased due to lower input costs per unit and efficiencies gained on increased production, partially offset by lower average selling price. Gross profit housing in dollars for the nine months decreased due to lower average selling price, partially offset by lower input costs per unit.

Financial services Gross profit in dollars and