Mon, Sep 16, 6:47 PM (96 days ago)
Nobility Homes, Inc. reported a decline in net sales for Q3 2024, totaling $13,803,340, down from $14,654,789 in Q3 2023. For the first nine months, sales were $40,099,316 compared to $48,599,139 the previous year, attributed to decreased retail home sales, higher mortgage interest rates, and supply chain disruptions. Gross profit margins also fell, with Q3 2024 at 33% versus 35% in Q3 2023. Net income for Q3 2024 was $2,185,312 ($0.67/share), down from $2,666,328 ($0.80/share) in Q3 2023. Operating expenses increased as a percentage of sales, reaching 15% in Q3 2024, influenced by fixed costs and decreased sales volume. Cash and equivalents decreased to $13,052,050 from $13,879,358 since November 2023, while working capital improved to $40,807,632. The company anticipates ongoing challenges from inflation and interest rates impacting future operations. Despite these hurdles, management remains optimistic about long-term growth in the Florida market.