Legacy Housing Corporation Reports $184.2 Million Revenue for Fiscal Year 2024, Net Income Increases 13.2%

Legacy Housing Corporation reported a total net revenue of $184.2 million for the fiscal year ending December 31, 2024, a decrease of 2.6% from $189.1 million in 2023. The decline was primarily attributed to a 10.9% drop in product sales, which fell to $129.3 million from $145.1 million. This decrease was driven by a reduction in unit volumes shipped, particularly in direct sales and inventory finance sales. However, the company saw a 10.1% increase in interest income from consumer, mobile home park (MHP), and dealer loans, which rose to $41.2 million, reflecting growth in its loan portfolios.

In terms of profitability, Legacy Housing reported a net income of $61.6 million, up 13.2% from $54.5 million in the previous year. This increase was supported by a reduction in operating expenses, which decreased by 3.2% to $120.6 million, primarily due to lower costs associated with product sales and selling, general, and administrative expenses. The company’s income before income tax also rose by 10.6% to $76.0 million, indicating improved operational efficiency despite the decline in product sales.

Operationally, Legacy Housing sold 2,471 home sections in 2024, down from 2,877 in 2023, with a notable decrease in direct sales, which fell by 47.8%. The company’s retail strategy, which includes 13 company-owned retail locations and over 125 independent retail locations, contributed to approximately 45% of product sales directly to manufactured housing communities. The company also reported a significant increase in other revenue, which more than doubled to $13.7 million, largely due to land sales and rental income from mobile home park properties.

Strategically, Legacy Housing has focused on expanding its financing solutions, which include inventory financing for independent retailers and consumer financing for end-users. The company has also been active in acquiring properties for developing manufactured housing communities, with several acquisitions made in Texas and Mississippi. As of December 31, 2024, the company had approximately 594 employees, reflecting a stable workforce as it continues to navigate market conditions characterized by rising inflation and increased housing costs.

Looking ahead, Legacy Housing anticipates continued challenges in the manufactured housing market due to economic conditions, including inflation and rising interest rates, which may impact consumer financing availability. However, the company remains committed to enhancing its operational efficiencies and expanding its product offerings, particularly in the affordable housing segment, which is expected to remain in demand amid ongoing housing affordability issues in the U.S.