Q4 2024 Legacy Housing Corp Earnings Call Transcript
Key Points
- Net income increased by 13.2% to $61.6 million in 2024 compared to 2023.
- Basic earnings per share rose by $0.32 per share or 14.3% in 2024 compared to 2023.
- Interest revenue from MHP retail and floor plan financing increased to $41.2 million in 2024 from $37.2 million in 2023.
- The company finished 2024 with a 33.5% GAAP net income margin, up from 28.8% in 2023.
- Legacy Housing Corp (LEGH) is in a meaningful net cash position and plans to repurchase shares aggressively if stock trades off.
- Product sales decreased by $15.8 million or 10.9% in 2024 compared to 2023.
- Gross profit margin decreased to 30.4% in 2024 from 31.3% in 2023.
- The cost of product sales decreased by $9.6 million or 9.7% in 2024, primarily due to a decrease in units sold.
- Selling, general, and administrative expenses decreased by $1.1 million or 4.4% in 2024, indicating potential cost-cutting measures.
- Past due balances in the retail loan portfolio have increased slightly, although not yet a major concern.
Hello, everyone, and welcome to the Legacy Housing Corporation full-year 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call over to our CEO, Duncan Bates. Please proceed.
Good morning. This is Duncan Bates, Legacy's President and CEO. Thank you for joining our call to discuss Legacy's year-end 2024 results. Max Africk, Legacy's General Counsel, will read the Safe Harbor disclosure before getting started. Max?
Thanks, Duncan. Before we begin, I'll remind our listeners that management's prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims protection of the Safe Harbor for forward-looking statements that is contained in the Private
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