Legacy Housing Corporation reports Q1 2025 revenue of $35.7 million, down 17.5%, with decreased income and net income.
Quiver AI Summary
Legacy Housing Corporation announced its financial results for the first quarter of 2025, reporting a net revenue of $35.7 million, which is a 17.5% decrease compared to the same period in 2024. Income from operations also fell by 30.8%, resulting in $11.6 million, while net income decreased by 32.1% to $10.3 million. Basic earnings per share dropped by 30.6% to $0.43, although the company’s book value per share increased by 13.1% to $20.87, marking a historic high with total book value exceeding $500 million. CEO Duncan Bates acknowledged challenges due to lower-than-expected shipments but expressed optimism about recent strategic changes, including product simplification and new financing solutions. A conference call to discuss these results will be held on May 13, 2025.
Potential Positives
- Book value per share increased by 13.1% to $20.87, marking a significant milestone as it topped $500 million for the first time in the Company’s history.
- Inventory finance sales exceeded expectations, indicating positive performance in that specific area despite overall lower shipments.
- The introduction of a new financing solution for community owners and the addition of industry veterans to key positions suggests proactive steps towards improvement and future growth.
Potential Negatives
- Net revenue for the first quarter of 2025 decreased by 17.5% compared to the first quarter of 2024, indicating a significant decline in sales performance.
- Income from operations and net income both experienced substantial decreases of 30.8% and 32.1% respectively from the first quarter of 2024, raising concerns about profitability and operational efficiency.
- Basic earnings per share fell by 30.6% from the first quarter of 2024, which may negatively impact investor confidence and perceptions of the company's financial health.
FAQ
What were Legacy Housing's financial results for Q1 2025?
Legacy Housing reported a net revenue of $35.7 million, a 17.5% decrease from Q1 2024.
How did the company's income from operations change?
Income from operations for Q1 2025 was $11.6 million, down 30.8% from the same quarter in 2024.
What is the basic earnings per share for Legacy Housing?
The basic earnings per share for Q1 2025 was $0.43, a decrease of 30.6% from Q1 2024.
What significant changes did Legacy Housing implement recently?
Legacy simplified its product offering, introduced a new financing solution, and added key industry veterans to its team.
When will the conference call discussing these results take place?
The conference call is scheduled for 10:00 AM Central Time on May 13, 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LEGH Insider Trading Activity
$LEGH insiders have traded $LEGH stock on the open market 13 times in the past 6 months. Of those trades, 0 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $LEGH stock by insiders over the last 6 months:
- CURTIS DREW HODGSON has made 0 purchases and 13 sales selling 148,487 shares for an estimated $3,788,953.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LEGH Hedge Fund Activity
We have seen 51 institutional investors add shares of $LEGH stock to their portfolio, and 46 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- AWH CAPITAL, L.P. removed 128,738 shares (-51.6%) from their portfolio in Q4 2024, for an estimated $3,177,253
- ADVISORY RESEARCH INC added 120,000 shares (+34.0%) to their portfolio in Q4 2024, for an estimated $2,961,600
- ROYCE & ASSOCIATES LP removed 92,429 shares (-22.5%) from their portfolio in Q1 2025, for an estimated $2,331,059
- BFSG, LLC added 89,032 shares (+inf%) to their portfolio in Q1 2025, for an estimated $2,245,387
- VOSS CAPITAL, LP added 74,087 shares (+8.7%) to their portfolio in Q4 2024, for an estimated $1,828,467
- MILL ROAD CAPITAL MANAGEMENT LLC removed 57,250 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $1,412,930
- REDMOND ASSET MANAGEMENT, LLC removed 51,261 shares (-59.1%) from their portfolio in Q4 2024, for an estimated $1,265,121
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BEDFORD, Texas, May 12, 2025 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the first quarter ended March 31, 2025.
Financial Highlights
- Net revenue for the first quarter of 2025 was $35.7 million, a decrease of 17.5% from the first quarter of 2024.
- Income from operations for the first quarter of 2025 was $11.6 million, a decrease of 30.8% from the first quarter of 2024.
- Net income for the first quarter of 2025 was $10.3 million, a decrease of 32.1% from the first quarter of 2024.
- Basic earnings per share for the first quarter of 2025 was $0.43, a decrease of 30.6% from the first quarter of 2024.
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Book value per share
1
for the first quarter of 2025 was $20.87, an increase of 13.1% from the first quarter of 2024.
Duncan Bates, President and Chief Executive Officer, stated: “Inventory finance sales were ahead of our expectations, but first quarter results were negatively impacted by lower-than-expected shipments to communities during the quarter. Recently, we simplified our product offering, introduced a new financing solution for community owners, and added industry veterans to our team in key manufacturing and retail positions. During the first quarter, Legacy’s book value topped $500 million for the first time in the Company’s history. I am excited about the changes and remain optimistic about the year.”
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 Tuesday, May 13, 2025. To access the conference call, please pre-register using this link . Registrants will receive confirmation with dial-in details.
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 one of the largest producers of manufactured homes in the United States. 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) 799-4837
[email protected]
Media Inquiries:
Kira Hovancik, (817) 799-4905
[email protected]
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.
