Mon, May 20, 9:18 PM (154 days ago)
Nobility Homes, Inc. reported a 23% increase in total net sales to $63.3 million for fiscal year 2023, up from $51.5 million in 2022. Net income surged by 51% to $10.9 million, compared to $7.2 million in the prior year. This growth is attributed to eased supply chain challenges that had previously hampered operations. Gross profit margins improved to 34% from 29%, driven by higher selling prices to offset inflationary pressures. Selling, general, and administrative expenses rose to $8.1 million from $6.5 million, reflecting increased variable expenses. The company maintained strong liquidity with $13.9 million in cash and equivalents and $10.2 million in certificates of deposit. Nobility Homes paid a $1.00 per share dividend and repurchased 102,083 shares for $2.9 million during the year. The company anticipates continued supply chain and labor challenges into fiscal 2024.