Legacy Housing Corporation Reports First Quarter 2024 Financial Results
10 May 2024 - 7:00AM
Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ:
LEGH) today announced its financial results for the first quarter
ended March 31, 2024.
Financial Highlights
- Net revenue for the
first quarter of 2024 was $43.2 million, a decrease of 18.2% from
the first quarter of 2023.
- Income from
operations for the first quarter of 2024 was $16.8 million, a
decrease of 8.7% from the first quarter of 2023.
- Net income for the
first quarter of 2024 was $15.1 million, a decrease of 7.0% from
the first quarter of 2023.
- Basic earnings per
share for the first quarter of 2024 was $0.62 a decrease of 7.1%
from the first quarter of 2023.
- Book value for the
first quarter of 2024 was $450.4 million, an increase of 13.2% from
the first quarter of 2023.
- Book value per
share1 for the first quarter of 2024 was $18.46, an increase of
13.1% from the first quarter of 2023.
- Since our last
earnings call, we repurchased 261,529 shares of common stock at an
average price of $20.56. Repurchases were limited by trading
restrictions and a narrow open window.
Duncan Bates, President and Chief Executive
Officer, stated: “Legacy’s business fundamentals have not changed.
There was a disconnect after our fourth quarter earnings, and we
used the opportunity to repurchase stock for the first time since
2020. Our profitability during the first quarter was strong and
sales volumes are improving. We hosted dealer and park customers in
late April at our Georgia plant for our first Spring Show since
2020. It gave us the opportunity to showcase product improvements,
sell finished goods inventory, and build our backlog. We are
focused on unlocking trapped value on our balance sheet and
accelerating earnings growth.”
This shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Company’s securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Conference Call Information
Management will host a conference call to discuss
the results at 10:00 AM Central Time on Friday, May 10, 2024. To
access the conference call, please pre-register using this link.
Registrants will receive confirmation with dial-in details A live
webcast of the call can be accessed using this link.
About Legacy Housing
Corporation
Legacy builds, sells, and finances manufactured
homes and "tiny houses" that are distributed through a network of
independent retailers and company-owned stores. The Company also
sells directly to manufactured housing communities. Legacy is the
fourth largest producer of manufactured homes in the United States
as ranked by the number of homes manufactured based on information
available from the Manufactured Housing Institute and the Institute
for Building Technology and Safety. With current operations focused
primarily in the southern United States, we offer our customers an
array of quality homes ranging in size from approximately 395 to
2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2
bathrooms. Our homes range in price, at retail, from approximately
$33,000 to $180,000.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Securities and Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to a number of risks
and uncertainties, many of which are beyond our control. As a
result, our actual results or performance may differ materially
from anticipated results or performance. Legacy undertakes no
obligation to update any such forward-looking statements after the
date hereof, except as required by law. Investors should not place
any reliance on any such forward-looking statements.
Investor Inquiries:Duncan Bates, (817)
799-4837duncanbates@legacyhousingcorp.com
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
1 Book value per share is a non-GAAP financial measure, and we
define book value per share as total stockholders’ equity divided
by basic weighted-average common shares outstanding.
Legacy Housing (NASDAQ:LEGH)
Historical Stock Chart
From Apr 2024 to May 2024
Legacy Housing (NASDAQ:LEGH)
Historical Stock Chart
From May 2023 to May 2024