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Cavco Industries’ Record 20,842 Home Shipments — Can Backlog Growth Extend The Run?

Cavco Industries reported its fiscal 2026 fourth quarter and full-year results with several operational and financial developments reflecting a complex market environment. In a year when total industry shipments under HUD regulations declined slightly, Cavco reached a company milestone by shipping 20,842 homes, an all-time high. Operating income for the year increased by 14% on a comparable basis, excluding a $10 million noncash intangible write-off in the prior year. The company highlighted improvements in manufacturing capacity attributable to plant modernization efforts and the acquisition of American Homestar, which also contributed over $10 million annually in tangible cost synergies primarily through SG&A and purchasing savings. Fourth quarter revenues rose 8.2% year-over-year to $550.1 million but decreased 5% sequentially as average selling prices fell about 2%, mainly driven by a shift in product mix toward single-section homes and a reduction in integrated sales.