Legacy Housing Corporation $(LEGH)$ announced its financial results for the first quarter ending March 31, 2025. The company reported net revenue of $35.7 million, marking a 17.5% decrease compared to the first quarter of 2024. Income from operations was $11.6 million, representing a 30.8% decline from the previous year. Net income for the quarter reached $10.3 million, a decrease of 32.1% from the first quarter of 2024. Basic earnings per share for the period stood at $0.43, down 30.6% from the same quarter last year. Despite these declines, the book value per share increased by 13.1% to $20.87. Duncan Bates, President and CEO, noted that while inventory finance sales exceeded expectations, the quarter's results were adversely affected by lower-than-anticipated shipments to communities. Bates highlighted recent strategic changes, including simplifying the product offering, introducing a new financing solution for community owners, and adding industry veterans to key manufacturing and retail positions. The company's book value surpassed $500 million for the first time in its history, indicating a positive milestone amid the challenges.
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