Cavco Industries falls on lower Q4 results

Cavco Industries

19/05/2023 17:13

** Shares of homebuilder and home service company Cavco
Industries Inc  CVCO.O  fall 11.4% to $260, hitting near
four-month low
    ** Company posts Q4 revenue of $476.38 mln vs $505.47 mln a
year earlier
    ** Posts Q4 earnings of $5.39/shr vs $5.80/shr a year
earlier
    ** Rising interest rates and a decline in its factory-built
housing segment revenue due to lower sales volume hurt the
company
    **  Stock set to post worst day since Nov. 2, 2022, if
losses hold
    ** Including session's losses, stock up 15.83% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))