Fri, Jun 7, 5:09 PM (92 days ago)
Nobility Homes, Inc. reported a decline in net sales to $14.8 million for Q1 2024 from $17.2 million in Q1 2023, primarily due to higher mortgage interest rates and supply chain disruptions affecting key materials. Net income decreased to $2.3 million from $3.1 million year-over-year. Gross profit margins fell to 32% from 34%, largely due to increased material and labor costs. Operating income dropped to $2.7 million from $3.8 million, while selling, general, and administrative expenses remained stable at around $2 million. Cash and cash equivalents increased to $15.1 million from $13.9 million in the prior quarter. The company maintains a strong balance sheet with $55 million in stockholders' equity and no debt. Future challenges include continued supply chain issues, inflation, and interest rate impacts on customer purchasing decisions.