Legacy Housing Corporation Announces First Quarter Results
Legacy Housing Corporation Releases Q1 2025 Financial Results
Legacy Housing Corporation (NASDAQ: LEGH) has unveiled its financial outcomes for the first quarter ended March 31, 2025. The results reflect both challenges and optimism as the company heads into the year.
Key Financial Insights
In the first quarter of 2025, Legacy Housing reported key financial metrics that indicate a decline compared to the previous year. The net revenue stood at $35.7 million, marking a 17.5% decrease from Q1 2024. Income from operations also took a hit, falling to $11.6 million, down 30.8% from the same period last year. Likewise, net income experienced a significant decline to $10.3 million, reflecting a decrease of 32.1%.
Performance Metrics
Basic earnings per share reported for Q1 2025 was $0.43, which represents a 30.6% drop compared to the first quarter of 2024. In a positive turn, the book value per share increased to $20.87, an impressive rise of 13.1% from the previous year, indicating that the overall equity of the company has strengthened despite the revenue challenges.
Management Commentary
Duncan Bates, the President and Chief Executive Officer, shared insights regarding the quarter's performance. He noted, “Inventory finance sales exceeded our expectations; however, first quarter results were adversely affected by lower-than-anticipated shipments to communities. In response, we have simplified our product offerings and introduced a new financing solution tailored for community owners. Additionally, we welcomed several industry veterans to our team, enhancing our manufacturing and retail capabilities.” Bates expressed excitement over these enhancements and remained optimistic about the future outlook, emphasizing that, for the first time in the company's history, Legacy’s book value has surpassed $500 million.
Company Overview
Legacy Housing Corporation is primarily engaged in the construction, sale, and financing of manufactured homes and innovative tiny houses. These homes are distributed through a robust network of independent retailers and company-owned stores. The company is recognized as one of the largest manufacturers of homes in the United States and is committed to delivering quality living spaces to a wide range of customers.
Product Offerings
With a focus on expanding its market reach, Legacy primarily operates in the southern regions of the United States, offering diverse housing solutions. Their homes range in size from approximately 395 to 2,667 square feet, providing options for buyers with varied demands. Customers can choose from homes featuring one to five bedrooms and one to three and a half bathrooms. Retail prices for Legacy homes are competitive, ranging from about $33,000 to $180,000, making them accessible to a broad audience.
Upcoming Conference Call
Management has scheduled a conference call for discussion of the first quarter results on Tuesday, May 13, 2025, at 10:00 AM Central Time. Stakeholders are encouraged to pre-register for the call to receive confirmation and dial-in information.
Contact Information
For investor inquiries, Duncan Bates can be reached at (817) 799-4837 or at duncanbates@legacyhousingcorp.com. For media inquiries, Kira Hovancik is available at (817) 799-4905 or via email at pr@legacyhousingcorp.com.
Frequently Asked Questions
What is the main focus of Legacy Housing Corporation?
Legacy Housing Corporation specializes in building, selling, and financing manufactured homes as well as tiny houses.
How did Legacy's revenues change in the first quarter of 2025?
The net revenue for Q1 2025 was $35.7 million, representing a 17.5% decrease from the previous year.
What factors impacted the company's financial results?
The company's results were negatively affected by a drop in shipments to communities, although inventory finance sales exceeded expectations.
What recent changes has Legacy made to its offerings?
Legacy simplified its product offerings and introduced a new financing solution for community owners, aimed at enhancing customer access to homes.
How can I participate in Legacy's upcoming conference call?
To participate, you need to pre-register for the call scheduled on May 13, 2025, at 10:00 AM Central Time.
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