| Over a month ago | ||||
B. Riley Securities… B. Riley Securities analyst Alex Rygiel raised the firm's price target on Legacy Housing to $16 from $15 and reiterates a Neutral rating on the shares following the company's Q3 results. | ||||
Reports Q3 revenue… Reports Q3 revenue $43.7M, consensus $42.92M. CEO Curtis Hodgson says: "We are pleased with the results of the third quarter of 2020, especially in our ability to outperform 2019 earnings results despite the challenges of 2020. Demand for mobile housing remains strong as we look to finishing out the remainder of the year. Over the last twelve months, we have increased tangible book value by $1.42 per share." | ||||
Legacy Housing… Legacy Housing Corporation announced restated financial results for the second quarter ended June 30, 2020. On November 6, 2020, Legacy Housing Corporation filed an amended Quarterly Report on Form 10-Q/A restating its second quarter interim financial statements for fiscal year 2020. As a result of the restatement, investors should no longer rely upon the company's previously issued financial statements for the period set forth above, earnings releases for this period, and other communications relating to these financial statements. The company identified an overstatement of costs errantly assigned to accounts payable for inventory received but not invoiced. The company noted that these adjustments resulted in an increase to retained earnings of $1.4M as of June 30, 2020. The company also noted that these adjustments resulted in a decrease of cost of product sales by $1.9M and an increase of net income by $1.4M, resulting in net income of $10M, or 41c per diluted shares, and $19.1M, or 79c per diluted share, for the three and six months ended June 30, 2020, respectively. | ||||
| Over a quarter ago | ||||
Reports Q2 revenue $46M,… Reports Q2 revenue $46M, consensus $41.94M. Curtis Hodgson, Executive Chairman of the Board, commented, "We are pleased with the results of the second quarter of 2020, which included a continuation of the strong growth in financed sales to manufactured home parks. Additionally, the company took proactive steps during the first and second quarter of 2020 to navigate the COVID-19 environment by reducing costs and gaining operational flexibility in our manufacturing operations. Over the last six months we have increased the tangible book value of the company by approximately 8% for our shareholders despite the headwinds of the current economy. We believe that manufactured housing presents a compelling, long-term solution for the ongoing lack of affordable housing in the United States, and the Company is well-positioned to take advantage of this market." | ||||
B. Riley FBR analyst Alex… B. Riley FBR analyst Alex Rygiel raised the firm's price target on Legacy Housing to $13 from $10 and reiterates a Neutral rating on the shares. The analyst has increased near-term confidence that sales volume is mostly stable and expense control is better than expected. | ||||
Reports Q1 revenue… Reports Q1 revenue $38.3M, two est. $37.8M. Curtis D. Hodgson, Executive Chairman of the Board, commented, "The first quarter of 2020 had us heading into the year with some momentum, but obviously the COVID-19 pandemic has all us reassessing where we stand. Product sales were largely flat quarter over quarter; however, with March being impacted by the pandemic, we were pleased with the result. We expanded our income in part by keeping expenses down, decreasing our SG&A by 14%. We are adapting to the changing business environment, including having special sales to some of our best customers, providing special financing terms to some of those same customers, and increasing our marketing by stressing online advertising and our social media presence. Affordable housing remains a critical need with significant demand, and so, despite the short-term headwinds, I remain optimistic about Legacy's potential for growth, profitability, and long-term shareholder value." | |
B. Riley FBR analyst Alex… B. Riley FBR analyst Alex Rygiel lowered the firm's price target on Legacy Housing to $9 from $13 and keeps a Neutral rating on the shares. The analyst expects limited visibility near term and lingering weakness from low oil prices to weigh on the company's markets in Texas, Oklahoma and Louisiana. | |
Lake Street analyst Mark… Lake Street analyst Mark Smith lowered the firm's price target on Legacy Housing to $14 from $21 as he reduced his 2020 estimates to account for the COVID-19 pandemic and a deteriorating operating environment. However, he keeps a Buy rating on the shares as he still sees his long-term investment thesis being intact. | |
Reports Q4 revenue… Reports Q4 revenue $43.3M, two est. $40.19M. Curtis D. Hodgson, Executive Chairman of the Board, commented on the company's success, saying "2019 was the best revenue year in Legacy's history. We were particularly pleased we ended the year, which is typically a slower part of our sales cycle, with a lot of momentum, growing our fourth quarter revenue by approximately 24% from the same period in 2018 and our net income by a robust 147% compared to the fourth quarter of 2018. We obviously face some challenges in 2020, as every business does, with the situation created by the COVID-19 pandemic. We are being proactive in addressing these issues by offering discounts for the sale of aged inventory sitting on dealer and company-owned store lots, offering discounts on orders for new units, and reducing down payment requirements for certain manufactured home community operators. Additionally, the company has suspended most overtime and modified rates of pay for non-production workers. Production labor has been slightly reduced to accommodate an anticipation of reduced demand in the immediate future due to COVID-19's impact on retail sales, though our order book is still strong and we are well-positioned once the situation begins to normalize." | |
B. Riley FBR analyst Alex… B. Riley FBR analyst Alex Rygiel downgraded to Neutral from Buy PGT Innovations (PGTI), Tecnoglass (TGLS), Builders FirstSource (BLDR), BMC Stock Holdings (BMCH), TRI Pointe (TPH), Legacy Housing (LEGH) and RCM Technologies (RCMT) to incorporate the broadening impact of COVID-19 on the global economy. The analyst believes consumer-driven names, including homebuilders and building materials, have the potential for the greatest uncertainty, while construction/infrastructure names have the least. Rygiel recommends focusing on defensive names like Quanta Services (PWR) and "compelling" values like Alta Equipment Group (ALTG). |