Cavco Inds Inc Down 13.58% To $253.56 After Earnings Beat

Cavco Inds Inc (CVCO) said after close Thursday that it earned $5.39 per share in quarter four 2023.

On the revenue line, the company reported $476.4 million, missing estimates by $8.5 million.

In the same quarter a year ago, the company earned $5.8 per share on revenue of $505.5 million.

The stock is down 13.58% to $253.56 after the report.

Cavco Inds Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 66. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Cavco Industries Inc designs and produces factory-built homes under the Cavco Homes, Fleetwood Homes, and Palm Harbor Homes brands. It also produces modular homes, park model homes, and vacation cabins, as well as commercial structures, among others. The company operates principally in two segments: Factory-built housing, which includes wholesale and retail systems-built housing operations and financial services, which includes manufactured housing consumer finance and insurance. Cavco received most of its revenues from the Factory-built housing segment.