The following is a summary of the Legacy Housing Corporation (LEGH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Legacy's product sales decreased by 28.8% in Q1 2024 due to a decline in volume shipped in direct sales, mobile home park sales, and inventory finance sales.

• Interest income increased by 38% during the same period, driven by an increase in the MHP, consumer, and dealer loan portfolios.

• Net income and basic earnings per share also decreased by 7% and 7.5% respectively.

• As of Q1 2024, Legacy held $0.6 million in cash, with an outstanding balance of $11.8 million on the revolver.

• The company repurchased shares worth $5.4 million during and post-Q1 2024, with about $4.6 million remaining in authorization.

Business Progress:

• Despite a drop in sales during Q1, Legacy reports improvements, backed by the urgency of housing affordability.

• Efforts are being made to build the backlog that spans a few weeks across all manufacturing plants.

• Enhancements in product quality at the Eatonton plant have resulted in higher product sales.

• Despite lower volumes, the company has managed to protect product gross margins through efficient management of factory overhead and expenses.

• Legacy's conservative financing approach has helped maintain low default rates and reduced retail loan portfolio delinquencies to 1.3% in 2021.

• Progress is evident in land developments, especially at the Bastrop property, with utilities and road construction, and the commencement of a water plant.

• Proposals are under review for selling or partnering on certain properties, with expected movements within Q2.

More details: Legacy Housing IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.