Cavco Industries, Inc. announced unaudited consolidated financial results for the fourth quarter and fiscal year ended March 31, 2018. For the quarter, net revenue was $242,529,000 against $197,998,000 for the same period of last year. Income from operations was $25,900,000 against $17,022,000 for the same period of last year. Income before income taxes was $30,704,000 against $16,474,000 for the same period of last year. Net income was $22,140,000 against $10,888,000 for the same period of last year. Net income per diluted share was $2.40 against $1.19 for the same period of last year. The increase in revenue was the result of higher home prices and sales volume. The Company recognized $14.8 million of home sales revenue and $1.8 million of income from operations from early commercial loan payoffs received under Cavco's wholesale lending programs. This revenue was previously deferred in prior periods in the normal course of business. Capital expenditures was $5,361,000 against $952,000 for the same period of last year.

For the year, net revenue was $871,235,000 against $773,797,000 for the same period of last year. Income from operations was $73,773,000 against $56,806,000 for the same period of last year. Income before income taxes was $78,523,000 against $55,281,000 for the same period of last year. Net income was $61,502,000 against $37,955,000 for the same period of last year. Net income per diluted share was $6.68 against $4.17 for the same period of last year. Capital expenditures was $8,386,000 against $5,295,000 for the same period of last year.

The company announced that effective tax rate is anticipated to be in the low 20s starting in fiscal year 2019, when the company should benefit fully from the recent tax reform.