News
Legacy Housing Corporation Reports First Quarter 2024 Financial Results
Legacy Housing Corporation
BEDFORD, Texas, May 9, 2024 (GLOBE NEWSWIRE) — Legacy Housing Corporation (the “Company” or “Legacy”, NASDAQ: LEGH) today announced its financial results for the first quarter ended March 31, 2024.
Financial Highlights
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Net revenue in the first quarter of 2024 was US$43.2 million, a reduction of 18.2% compared to the first quarter of 2023.
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Operating income in the first quarter of 2024 was $16.8 million, a decrease of 8.7% compared to the first quarter of 2023.
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Net income for the first quarter of 2024 was US$15.1 million, a decrease of 7.0% compared to the first quarter of 2023.
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Core earnings per share for Q1 2024 were $0.62, a decrease of 7.1% from Q1 2023.
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Book value for Q1 2024 was $450.4 million, an increase of 13.2% from Q1 2023.
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Book value per share1 in Q1 2024 was $18.46, an increase of 13.1% from Q1 2023.
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Since our last earnings call, we have repurchased 261,529 shares of common stock at an average price of $20.56. Buybacks were limited by trading restrictions and a narrow, open window.
Duncan Bates, President and CEO, stated: “Legacy’s business fundamentals have not changed. There was a disconnect following our fourth quarter earnings and we took the opportunity to repurchase shares for the first time since 2020. Our profitability during the first quarter was strong and sales volumes are improving. We welcomed dealers and park customers in late April to our Georgia factory for our first Spring Show since 2020. This gave us the opportunity to showcase product improvements, sell finished product inventory, and grow our order backlog. We are focused on unlocking the value trapped 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. from any state or jurisdiction.
Conference call information
Management will host a conference call to discuss the results at 10 a.m. Central Time on Friday, May 10, 2024. To access the conference call, 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 homes” 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 primarily focused on the Southern United States, we offer our customers a variety of quality homes ranging in size from approximately 395 to 2,667 square feet, consisting of 1 to 5 bedrooms, with 1 to 3.5 bathrooms. Our homes range in retail price from approximately $33,000 to $180,000.
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Forward-looking statements
This press release contains forward-looking statements within the meaning of the Securities 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 reach. to control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy undertakes no obligation to update such forward-looking statements after the date hereof, except as required by law. Investors should not rely on such forward-looking statements.
Investor Inquiries:
Duncan Bates, (817) 799-4837
duncanbates@legacyhousingcorp.com
Media inquiries:
Kira Hovancik, (817) 799-4905
pr@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 the base weighted average shares of common stock outstanding.
