Cavco Industries (CVCO) has reported 55.81 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $10.89 million, or $1.19 a share in the quarter, compared with $6.99 million, or $0.77 a share for the same period last year.
Revenue during the quarter grew 11.68 percent to $198 million from $177.29 million in the previous year period. Gross margin for the quarter expanded 60 basis points over the previous year period to 21.28 percent. Total expenses were 91.40 percent of quarterly revenues, down from 93.50 percent for the same period last year. This has led to an improvement of 210 basis points in operating margin to 8.60 percent.
Operating income for the quarter was $17.02 million, compared with $11.52 million in the previous year period.
Commenting on the results, Joseph Stegmayer, chairman, president and chief executive officer said, "We are proud to report strong results in what is typically a seasonally slower winter period. This quarter, growing market demand led to improvement across all of our housing product lines. Shipment volume for the manufactured housing industry and the Company was also aided by government orders for disaster relief units, which further enhanced home sales growth."
Debt comes downCavco Industries has recorded a decline in total debt over the last one year. It stood at $57.99 million as on Apr. 01, 2017, down 5.20 percent or $3.18 million from $61.17 million on Apr. 02, 2016. Interest coverage ratio improved to 16.07 for the quarter from 10.12 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
