topstockalerts
Oct 30, 12:43 AM
Cavco reported strong fiscal Q2 results, beating estimates with EPS of
$7.17 versus
$5.52 expected and revenue of
$656.4M versus
$613.3M, up 17.9% year over year, driven by higher home sales volumes and average selling prices.
Backlog reached
$348M, equivalent to 8–10 weeks of production, increasing
$50M sequentially despite the approaching seasonally slower winter period. CEO Bill Boor highlighted a second consecutive quarter of record revenue and unit volume. Results also benefited modestly from a one-time
$7M insurance premium refund. Northland Capital initiated coverage with an Outperform rating and a
$650 price target, citing Cavco’s competitive position amid persistent U.S. affordable-housing shortages. Shares rose after hours despite broader market weakness, supported by the substantial earnings and revenue beats, growing backlog and positive analyst sentiment, with some price targets reaching
$720.
$CVCO
