Legacy Housing Corp Reports Solid Q3 Earnings

Legacy Housing Corp ( (LEGH) ) has released its Q3 earnings. Here is a breakdown of the information Legacy Housing Corp presented to its investors.

Legacy Housing Corporation, based in Bedford, Texas, is a prominent player in the manufactured housing industry, focusing on the production, transportation, and financing of mobile homes. The company operates manufacturing plants in Fort Worth, Commerce, Texas, and Eatonton, Georgia, and utilizes a broad network of dealers along with direct sales channels to reach consumers and mobile home parks.

In its latest earnings report for the quarter ending September 30, 2024, Legacy Housing Corp reported a net income of $15.8 million, a slight decrease from $16.1 million in the same quarter of the previous year. The company’s total net revenue for the quarter was $44.3 million, down from $49.9 million year-over-year, reflecting a challenging market environment.

The earnings report highlights a decline in product sales, which fell to $30.2 million, compared to $37 million in the previous year. However, interest income from consumer, mobile home park, and dealer loans showed a positive trend, reaching $10.3 million from $8.8 million in the prior year. This increase in interest income reflects Legacy’s strategic focus on expanding its financing operations.

Despite the dip in product sales, Legacy’s financial position remains robust, with total assets growing to $521.4 million from $506.7 million at the end of 2023. The company has managed to reduce its liabilities significantly, from $70 million to $42.1 million, indicating strong financial management and an improved balance sheet.

Looking ahead, Legacy Housing Corp remains focused on optimizing its operations and expanding its presence in the manufactured housing market. The management remains committed to leveraging its financing capabilities to drive growth and navigate the current economic landscape effectively.