Wed, Jul 3, 2:56 PM (66 days ago)
Nobility Homes, Inc. reported a decline in net sales for Q2 2024 to $11.5 million from $16.8 million in Q2 2023, and for the first six months of 2024 to $26.3 million from $33.9 million in the same period of 2023. The decrease is attributed to fewer homes sold and a shift to lower-priced homes due to higher mortgage interest rates. Gross profit margins slightly improved to 36% from 35% YoY in Q2, though absolute gross profit dropped to $4.2 million from $6 million. Operating income also fell to $2.3 million from $3.7 million YoY. Net income for Q2 2024 was $2 million, down from $2.9 million in Q2 2023, with diluted EPS at $0.62 versus $0.85. The company faces ongoing supply chain disruptions, inflation in materials and labor costs, and a challenging interest rate environment, impacting future operations. Cash and equivalents decreased to $10.7 million from $13.9 million as of November 2023. No significant changes in internal controls were noted.