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Get filing alertsCavco reports record Q1 sales volume, 9.5% revenue growth, but EPS falls 15.4% on margin pressure
Filed July 30, 2026 · Period ending July 30, 2026 · ~1 min read
Key Changes
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high
Diluted EPS declined 15.4% to $5.43 from $6.42 despite 9.5% revenue growth to $610M, driven by 180bp gross margin compression (20.8% vs. 22.6% prior year) from higher input costs.
Item 2.02 verify on EDGAR → -
high
Backlog surged over 50% to $298M (7-9 weeks of production) from $195M prior year, reflecting strong order momentum and record shipments during the quarter.
Item 2.02 verify on EDGAR → -
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Home sales volume rose 4.4% with capacity utilization steady at ~75%; revenue growth also benefited from higher revenue per home sold and the American Homestar acquisition.
Item 2.02 verify on EDGAR → -
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Repurchased ~$30M of common stock in the quarter; $188M remains under existing Board authorizations for future buybacks.
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Summary
Cavco Industries reported fiscal Q1 2027 results that highlight the tension between strong demand and margin pressure. Revenue climbed 9.5% to $610 million on record shipments and a 4.4% increase in home sales volume, aided by the American Homestar acquisition and higher revenue per home.
Yet diluted EPS fell 15.4% to $5.43 as factory-built housing gross margin contracted 180 basis points to 20.8%, squeezed by higher input costs that outpaced pricing gains. The earnings decline despite top-line growth signals cost inflation is outrunning the company's ability to pass it through.
The backlog expansion—up over 50% to $298 million—provides near-term revenue visibility and confirms demand momentum, but the margin compression is the key concern. If input costs remain elevated or pricing power weakens, the volume gains may not translate to earnings growth. The $30 million in share repurchases reflects management's capital allocation priorities, though investors will watch whether margin recovery or further cost pressure defines the next few quarters.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Cavco Industries announced fiscal Q1 2026 financial results for the quarter ended June 27, 2026.
Added in current filing · verify on EDGAR →
On July 30, 2026, Cavco Industries, Inc., a Delaware corporation (the "Company"), announced financial results for its fiscal first quarter ended June 27, 2026.
Cavco Industries disclosed financial results for its fiscal first quarter ended June 27, 2026. The 8-K itself does not provide specific financial metrics; those details are contained in the attached press release (Exhibit 99.1).
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net revenue was $610 million, up $53 million or 9.5% compared to $557 million in the first quarter of the prior year. ... Home sales volume was up 4.4% and capacity utilization remained consistent year over year at approximately 75%.
Cavco reported net revenue of $610 million for the first quarter of fiscal 2027, up 9.5% from $557 million in the prior year quarter. Home sales volume increased 4.4% while capacity utilization held steady at approximately 75%. The revenue growth was driven by higher home sales volume from the American Homestar acquisition and an increase in revenue per home sold.
Added in current filing · view on EDGAR →
Income before income taxes was $55.8 million, down $9.5 million, or 14.6% compared to $65.3 million in the same period in the prior year. ... Net income per diluted share attributable to Cavco common stockholders was $5.43 compared to $6.42 in the prior year quarter.
Income before income taxes declined 14.6% to $55.8 million from $65.3 million in the prior year quarter. Diluted earnings per share fell to $5.43 from $6.42, a 15.4% decrease. The earnings decline occurred despite higher revenue, reflecting margin compression in the factory-built housing segment.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 31, 2026 · How we verify