Legacy Housing reported a banner second quarter, with revenue rising 32% year over year to $66.3 million and net income soaring almost 59% to $23.5 million. Earnings per share of $0.99 was 62% higher than a year ago, and the stock is up about 45% year-to-date. The company manufactures homes in factories rather than building on-site, and also makes tiny homes. The author argues manufactured housing has a huge future due to a national shortage of 4.7 million homes, lower average costs of about $120,000, and recent passage of the ROAD to Housing Act. Legacy's market capitalization of about $690 million is dwarfed by major homebuilders like PulteGroup, D.R. Horton, and Lennar.
Legacy Housing CorpReports strong Q2 results with revenue and earnings growth, and benefits from housing shortage and lower costs.
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