Cavco Industries, a producer of park model RVs, vacation cabins and factory-built commercial structures, reported higher revenue and record home shipments for the first quarter of fiscal 2027, with a growing order backlog signaling continued demand for its factory-built housing products despite lower earnings compared with the prior-year period.
The company said net revenue for the quarter ended June 27 totaled $610 million, an increase of 9.5% from $557 million in the same quarter a year earlier.
Home sales volume rose 4.4%, while factory capacity utilization remained steady at approximately 75% year over year.
Backlogs reached $298 million at the end of the quarter, up from $195 million at the end of the prior year, representing approximately seven to nine weeks of production.
Cavco also repurchased about $30 million of its stock during the quarter, with $188 million remaining under previously authorized share repurchase programs.
Despite higher sales, profitability declined. Income before income taxes fell 14.6% to $55.8 million, compared with $65.3 million in the prior-year quarter.
Net income attributable to common stockholders was $5.43 per diluted share, down from $6.42 a year earlier. Factory-built housing gross profit margin decreased to 20.8% from 22.6%, while the financial services segment improved to 52.4% from 40.9%.
According to a press release, President and Chief Executive Officer Bill Boor said the company carried strong order momentum into the new fiscal year.
“This quarter saw the continuation of strong order momentum we saw at the end of Q4 2026. In Q1, we saw record shipments and grew our backlog by over 50%,” Boor said. “These results don’t happen with just one or two plants doing well. They are a reflection of order growth and the excellent job all of our teams have done responding to the market.”
Boor also pointed to recent legislative developments affecting the manufactured housing industry.
“Externally, we saw progress on the regulatory front with the passing of the bipartisan 21st Century ROAD to Housing Act,” Boor said. “While we continue to manage through a challenging macro-economic environment for prospective homebuyers, the future is bright for factory-built housing solutions to help more families achieve home ownership.”