Real estate stock jumps 11 percent after beating earnings; Dow, S&P 500 hit record highs Jun 13, 2017, 2:27pm MST Mike SunnucksSenior ReporterPhoenix Business Journal BIZSPACESPOTLIGHT SPONSOR LISTING Property Spotlight: PV|303 - Arizona’s Rising Hub For Business Expansion See All Bizspace Properties The Dow Jones Industrial Average and S&P 500 closed at record highs today and one of Wall Street's biggest winners was an Arizona real estate company. Phoenix-basedCavco Industriesbeat earnings expectations today posting earnings per share of $1.19 for its most recent quarter. That beat analysts' expectations by 17 cents, according to the Highland Mirror investment website. Cavco closed at $130.75 Tuesday after its $12.70 gain, according to Google Finance.Cavco’s stock is up almost 31 percent so far this year. Net income came in at $10.9 million for the most recent quarter. That is up from $7 million a year ago. Revenues landed at $198 million up from $177.3 million a year ago, according to Cavco’s earnings. The Dow closed at 21,328.47 up 92.80 points. The S&P 500 ended the day at 2,440.35 — also a record. Here are some of Cavco Chairman, President and CEOJoseph Stegmayer’s comments on the latest earnings: “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. We remained focused on increasing core sales and expanding business opportunities in areas with significant affordable housing demand. A recent example of this strategy is the purchase of Lexington Homes in April 2017. This manufacturing facility will serve as our base to build a stronger presence in Mississippi and the surrounding states which are historically good markets for factory built homes.” Mike Sunnucks writes about stocks and financial markets, real estate, government and sports business.
"Cavco Industries, Inc. engages in the design, production, and retail sale of manufactured homes in the United States. It operates through two segments, Factory-Built Housing and Financial Services." IE they finance their own customers....
Interesting. Ya know....Berkshire Hathaway owns Clayton Homes, the biggest pre-fab home manufacturer in the U.S. They have bought up lots of players in the last 15 years. https://en.wikipedia.org/wiki/Clayton_Homes Its a good stock in the right industry. This sector is going to continue to grow. Thanks for the tip.