Q3 2024 Legacy Housing Corp Earnings Call Transcript
Key Points
- Legacy Housing Corp (LEGH) reported a successful fall show, which resulted in a record number of customer orders extending the backlog into the first quarter of 2025.
- The company increased production at its Texas plants and showcased significant updates to home finishes, appealing to younger home buyers.
- Interest income from consumer, MH P, and dealer loans increased by 17.3% due to growth in loan portfolios.
- Legacy Housing Corp (LEGH) reported a 27% increase in product sales for October 2024 compared to September 2024.
- The company is seeing improvement in its community business and has secured several meaningful orders, indicating potential growth in 2025.
- Product sales decreased by 18% during the third quarter of 2024 compared to the same period in 2023, primarily due to a decrease in unit volume shipped.
- Gross profit margin declined to 29.2% from 32.9% in the previous year, driven by underabsorbed labor due to lower production levels.
- Net income decreased by 1.8% to $15.8 million in the third quarter of 2024 compared to the third quarter of 2023.
- The company experienced a decrease in other revenue by 8.7%, primarily due to a decrease in forfeited deposits and dealer finance fees.
- High interest rates continue to depress transaction volumes in the community business, slowing recovery.
Thank you for standing by and welcome to the Legacy Housing Corporation's third quarter, 2024 earnings call. At this time. All participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during this session. You'll need to press star one on your telephone if your question has been answered, and you'd like to remove yourself from the queue. Simply press star 11 again as a reminder, today's program is being recorded and now I'd like to introduce your host for today's program. Duncan Bates Legacy Housing President and Chief Executive Officer. Please go ahead, sir.
Good morning. This is Duncan Bays Legacy President and CEO. Thanks for joining our third quarter, 2024 conference call. Max A Legacy General Counsel will read the Safe Harbor disclosure before getting started.
Thanks Duncan. Before we begin, I want
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