Legacy Housing Corporation Discloses Financial Results for Third Quarter 2024

Legacy Housing Corporation, a leading company in the housing sector (NASDAQ: LEGH), recently revealed its financial performance for the third quarter of 2024. The company’s results, outlined in an 8-K SEC filing, showcased both strengths and challenges for the period ending September 30, 2024.

According to the report, the company reported a net revenue of $44.3 million for the third quarter of 2024, indicating a decline of 11.4% compared to the same period in 2023. Operating income for the quarter stood at $15.3 million, showing a 19.4% decrease from the third quarter of the previous year. Net income for the same period was reported to be $15.8 million, reflecting a 1.8% drop from the third quarter of 2023. Basic earnings per share for the quarter were $0.65, a decrease of 1.5% year-over-year.

On a positive note, the book value for the third quarter of 2024 was $479.3 million, showing an 11.6% increase from the same quarter in 2023. Additionally, the book value per share for the third quarter of 2024 was $19.84, marking a 12.7% rise from the third quarter of 2023.

Duncan Bates, President and Chief Executive Officer of Legacy Housing Corporation, expressed optimism about the company’s future prospects. He highlighted Legacy’s successful 2024 Fall Show, which attracted a record number of customers. Bates noted that the company introduced updated interior and exterior finishes tailored to the preferences of younger homebuyers, leading to a positive reception from attendees. Orders received during the show have significantly contributed to the company’s backlog, extending into the first quarter of 2025. Bates emphasized the team’s commitment to executing strategic initiatives and expressed confidence in the strengthening market for Legacy’s products as housing affordability remains near historic lows.

A conference call to discuss these financial results took place on November 13, 2024, providing investors and analysts with additional insights into Legacy Housing Corporation’s performance.

Legacy Housing Corporation, known for building, selling, and financing manufactured homes and “tiny houses,” remains a prominent player in the industry, with a focus on the southern United States market. The company offers a diverse range of homes with varying sizes and prices, ranging from approximately $33,000 to $180,000.

Investors and stakeholders in Legacy Housing Corporation are urged to be cautious regarding forward-looking statements, given the inherent risks and uncertainties associated with such projections. The company affirmed its commitment to providing updates as required by law and advised against relying solely on forward-looking statements for investment decisions. For further information and inquiries, individuals can reach out to the company’s representatives.

This news article is based on information provided in the official 8-K SEC filing along with associated exhibits and statements made by Legacy Housing Corporation’s management team.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Legacy Housing’s 8K filing here.

Legacy Housing Company Profile

Legacy Housing Corporation engages in the building, sale, and financing of manufactured homes and tiny houses primarily in the southern United States. It manufactures and provides for the transport of mobile homes, including 1 to 5 bedrooms with 1 to 3 1/2 bathrooms; and provides wholesale financing to dealers and mobile home parks, as well as retail financing to consumers.