LEGH

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record net income growth of nearly 60% was primarily driven by the commencement of a large 380-unit workforce housing contract, contributing 113 units in the quarter. Net revenue per unit increased to approximately $74,900 from $68,100, reflecting a deliberate product mix shift toward higher-value, specialized units. Commercial sales to mobile home parks grew by about 12.5%, while dealer inventory finance sales declined 74% as dealers focused on clearing existing lot inventory. Management attributed improved sales momentum to a revitalized sales organization that is generating higher-quality leads and building a healthier order book. The company is mitigating elevated tariff rates on Chinese goods through supplier diversification, increased domestic sourcing, and selective price adjustments. Operational efficiency is being targeted through a new financial analysis department using AI tools to optimize bills of materials, assembly processes, and repossession pricing. Deliveries for the remaining 267 units of the current workforce housing contract are expected to continue throughout the remainder of 2026. Management identifies significant future potential in workforce housing tied to data center construction projects and regional oilfield demand. The effective tax rate is expected to move closer to the 21% statutory rate in the second half of the year following the termination of the Section 45L credit on June 30. Near-term production capacity is primarily constrained by the availability of trained labor, prompting new recruiting and retention programs to stabilize the workforce. The 21st Century ROAD to Housing Act is viewed as a long-term tailwind that could expand placement options and improve customer financing access. A $48.6 million note from mobile home park borrowers matured in July without full repayment; a modification and 18-month interest-only period were established with additional collateral. Legacy is engaged in litigation against AmeriCasa sellers regarding alleged misrepresentations, which may lead to future adjustments in acquisition accounting. The company wrote off a $560,000 minority investment in Corpus AmeriCasa during the quarter. The Bastrop County land development project is nearing completion, with management expecting to deliver houses to the site before the end of the year despite regulatory delays. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the backlog includes more than just workforce housing, citing successful penetration into the park business and independent dealer channels. The company has 'dusted itself off' in Georgia by beefing up sales departments to rebuild volume and profitability that were previously lagging. Workforce units carry higher price points because they are larger, heavier, and require extra manufacturing steps, such as increased axle counts. Customers in time-sensitive sectors like data centers and oil are willing to compensate the company for speed of delivery. Legacy has hired four analysts to use AI for 'down to the stud' pricing on bills of materials and to identify capital investment opportunities in the assembly process. New AI tools have been implemented to more accurately price repossessed units and accelerate the underwriting process for consumer financing.

Interested in Legacy Housing Corporation? Here are five stocks we like better. Record Q2 results: Revenue rose 32.3% year over year to $66.3 million, while net income increased nearly 60% to $23.5 million and diluted EPS climbed to $0.99. Workforce housing drove growth: Product sales increased 40% as shipments rose to 718 homes, including 113 units delivered under a 380-unit contract expected to continue through 2026. Management cited a healthy backlog but said securing trained labor remains a key constraint. Financial position strengthened: First-half operating cash flow more than doubled to $24.4 million, cash reached $29 million, and the company had no borrowings under its $50 million revolving facility. Legacy also reported solid credit quality, though it modified a $48.6 million matured mobile-home-park loan. Legacy Housing (NASDAQ:LEGH) reported record second-quarter net income as revenue growth was driven by higher-value home sales and the start of deliveries under a large workforce housing contract. Total net revenue rose 32.3% year over year to $66.3 million for the second quarter of 2026, while net income increased nearly 60% to a company-record $23.5 million. Diluted earnings per share rose to $0.99 from $0.60 in the prior-year quarter, Chief Financial Officer Jon Langbert said on the company’s earnings call. → 3 Drone Stocks That Should Soar After the Summer Slump Product sales increased 40% to $53.8 million, supported by a 27.3% increase in unit shipments to 718 homes. Net revenue per unit rose to approximately $74,900 from $68,100 a year earlier, which Langbert attributed to a shift toward higher-value homes. The company shipped 113 units during the quarter under a 380-unit workforce housing contract, with deliveries expected to continue through the remainder of 2026. Commercial sales to mobile home parks also rose about 12.5%. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Those gains were partly offset by lower dealer inventory finance sales, as dealers continued to sell through existing inventory, as well as modestly lower direct and retail-store sales. CEO Kenneth E. Shipley said Legacy has a broader backlog beyond workforce housing, citing expanded sales efforts in Texas and Georgia, increased mobile home park activity, and progress with independent dealers. → Jersey Mike's Serves Fresh Gains After IPO Stumble “We’ve got a healthy backlog everywhere right now,” Shipley said. Management said it sees further workforce housing opportunities, including potential demand associated with data center construction projects. However, Langbert identified the ability to secure and retain trained labor as the company’s principal near-term constraint on converting its sales opportunities into production. Interest income from Legacy’s loan portfolio increased 5.4% to $11.5 million, primarily due to growth in its consumer lending book. At quarter-end, the consumer loan portfolio totaled approximately $202.2 million, notes receivable from mobile home parks were approximately $209 million, and dealer inventory finance receivables were approximately $23.2 million. Langbert said credit quality remained solid across the company’s lending portfolios. Legacy recorded a roughly $600,000 benefit from its provision for loan losses during the quarter, compared with a $1.1 million expense in the prior-year period. Beginning in the second quarter, the company began presenting the provision for loan losses as a separate line item rather than within selling, general and administrative expenses. Operating cash flow for the first half of 2026 reached $24.4 million, compared with $11 million a year earlier. The increase reflected stronger earnings and a $10.7 million increase in customer deposits, including a roughly $7.1 million non-refundable advance received during the first quarter related to the workforce housing order. Legacy ended the quarter with $29 million in cash, up from $8.5 million at the end of 2025, and no borrowings under its $50 million Prosperity Bank revolving credit facility. Stockholders’ equity was $562.2 million at quarter-end, while book value per share was $23.64. The company’s effective tax rate was 11.2%, down from 17.3% a year earlier. Langbert said the rate benefited from the Federal Energy-Efficient Home Tax Credit, or Section 45L, and the reversal of certain uncertain tax position accruals. He said Legacy expects its effective tax rate to move closer to the statutory rate during the second half after the Section 45L credit terminated June 30. Shipley said Legacy is nearing key development milestones at its Bastrop County, Texas, project, including a Texas Department of Transportation driveway and final plat filing. He said the company could begin placing homes at the site before the end of the year, though he cautioned that timing remains dependent on governmental approvals and other development steps. Langbert said the extended development timeline has coincided with appreciation in lot values in the Austin-area market. During the question-and-answer session, Langbert also described efforts to introduce more technology and artificial intelligence tools across the business. The company has created a financial analysis department with four analysts working on areas including bills of materials, manufacturing processes, sales software, loan underwriting and pricing of repossessed homes. “We are absolutely adding technology where we can through the entire production cycle,” Langbert said. Legacy received approximately $700,000 in tariff refunds during the quarter following the Supreme Court’s ruling on IEEPA tariffs, benefiting gross margin, according to Langbert. He added that rates on many Chinese-origin goods remain above pre-2025 levels, and the company continues to respond through supplier diversification, increased domestic sourcing and selective price adjustments. Langbert said Legacy’s litigation involving Americasa, a manufactured housing business whose assets Legacy acquired in late 2025, is now pending in Texas Business Court. Legacy sued the sellers in March over alleged misrepresentations and post-closing misappropriation of receipts, while the sellers have filed counterclaims that Legacy believes lack merit. The company said the case could result in future adjustments to provisional acquisition accounting, depending on its outcome. Legacy also wrote off its approximately $560,000 minority investment in Corpus Americasa during the quarter. Separately, Legacy modified a roughly $48.6 million note owed by a group of mobile home park borrowers after it matured in July without being repaid in full. Since quarter-end, the company received a $2 million principal payment and agreed to an 18-month interest-only period followed by amortizing payments at a market rate, along with additional collateral and an increased personal guarantee. Langbert said Legacy does not expect to recognize a loss based on the collateral. The call also marked the retirement of Curt Hodgson as executive chairman and director in July. Shipley, Legacy’s co-founder and CEO, praised Hodgson’s more than four decades of work building the company and said Legacy would continue its focus on profitability. Legacy Housing Corp. designs, builds and markets factory-built homes, focusing on both single-section and multi-section manufactured housing products. The company offers a range of floor plans and customization options, including energy-efficient features and accessible design elements. Its core business activities encompass in-house design, procurement of building materials, plant-based construction and nationwide distribution through an independent network of retail partners. Founded in 2009 and headquartered in Dallas, Texas, Legacy Housing operates in key regions across the southeastern and southwestern United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Legacy Housing Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

BEDFORD, Texas, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the “Company” or “Legacy”, Nasdaq: LEGH) today announced its financial results for the second quarter ended June 30, 2026. Financial Highlights Net revenue for the second quarter of 2026 was $66.3 million, an increase of 32.3% from the second quarter of 2025. Income from operations for the second quarter of 2026 was $26.5 million, an increase of 57.3% from the second quarter of 2025. Net income for the second quarter of 2026 was $23.5 million, an increase of 59.8% from the second quarter of 2025. Basic earnings per share for the second quarter of 2026 was $0.99, an increase of 62.3% from the second quarter of 2025. Diluted earnings per share was $0.99, an increase of 65.0% from the second quarter of 2025. Book value per share on June 30, 2026, was $23.64, an increase of 6.5% from December 31, 2025. Began deliveries during the second quarter under the previously announced large workforce housing order, shipping 113 of the 380 contracted units; product sales further benefited from strong deliveries to several other large customers. Deliveries under the order are expected to be completed during the remainder of 2026. The Company enters the second half of 2026 with a healthy order book and active sales pipeline, and is focused on securing additional workforce housing business, including opportunities tied to data center construction projects. Kenneth E. Shipley, Chief Executive Officer, stated: “This was a great quarter for Legacy — record net income, a strong backlog, and the first deliveries under our marquee 2026 workforce housing order. Our sales team keeps raising its game, bringing in more and higher-quality leads than ever, and that momentum gives me real confidence heading into the second half. On a personal note, Curt Hodgson and I started this company together and built it side by side all the way to going public. I couldn’t be prouder that, in all those years, Legacy has never had a losing quarter. Curt retired in July, and a quarter like this feels like a fitting tribute to everything we built together. I’m grateful to him, and excited about what’s ahead.” This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Conference Call Information Management will host a conference call to discuss the results at 11:00 AM Central Time on Thursday, August 6, 2026. To access the call, please pre-register using this link. Registrants will receive confirmation with dial-in details. About Legacy Housing Corporation Legacy Housing Corporation builds, sells, and finances manufactured homes and “Tiny Houses” distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is one of the largest producers of manufactured homes in the United States. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3½ bathrooms. Our homes range in price, at retail, from approximately $47,000 to $200,000. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements. Investor Inquiries: Jon Langbert, (817) 799-4831 [email protected] Media Inquiries: Kira Hovancik, (817) 799-4905 [email protected]

Experienced investors often look for companies with consistent earnings growth as a marker of solid profitability. However, an even more compelling indicator is earnings acceleration, which can be a key driver for stock price gains. Studies have found that many top-performing stocks exhibit earnings acceleration before their share prices start to move northward. To that end, Cummins Inc. CMI, Atkore Inc. ATKR and Legacy Housing Corporation LEGH are showing strong earnings acceleration. Earnings acceleration refers to the incremental growth in a company’s earnings per share (EPS). Put simply, if a company’s quarter-over-quarter earnings growth rate increases over a given period, it can be called earnings acceleration. In the case of earnings growth, you pay for something that is already reflected in the stock price. However, earnings acceleration helps identify stocks that haven’t yet caught investors’ attention and, once secured, will invariably lead to a rally in share price. This is because earnings acceleration considers both the direction and magnitude of growth rates. An increasing percentage of earnings growth means that the company is fundamentally sound and has been on the right track for a considerable period. Meanwhile, a sideways percentage of earnings growth indicates a period of consolidation or slowdown, while a decelerating percentage of earnings growth may drag prices down. Look at stocks for which the last two quarter-over-quarter percentage EPS growth rates exceed the previous periods’ growth rates. The projected EPS growth rate for the upcoming quarter is expected to exceed that of prior periods. EPS % Projected Growth (Q1)/(Q0) greater than EPS % Growth (Q0)/(Q-1): The projected growth rate for the current quarter (Q1) over the completed quarter (Q0) has to be greater than the growth rate from the completed quarter (Q0) over one quarter ago (Q-1). EPS % Growth (Q0)/(Q-1) greater than EPS % Growth (Q-1)/(Q-2): The growth rate for the completed quarter (Q0) over one quarter ago (Q-1) has to be greater than the growth rate from one quarter ago (Q-1) over two quarters ago (Q-2). EPS % Growth (Q-1)/(Q-2) greater than EPS % Growth (Q-2)/(Q-3): The growth rate from one quarter ago (Q-1) over two quarters ago (Q-2) has to be greater than the growth rate from two quarters ago (Q-2) over three quarters ago (Q-3). In addition to this, we have added the following parameters: Current Price greater than or equal to $5: This screens out low-priced stocks. Average 20-day volume greater than or equal to 50,000: High trading volume implies that the stocks have adequate liquidity. The above criteria narrowed the universe of around 7,735 stocks to only three. Here are the stocks: Cummins provides global power solutions through five segments: Engine, Distribution, Components, Power Systems and Accelera. Cummins has a Zacks Rank #2 (Buy). CMI’s expected earnings growth rate for the current year is 21.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Atkore manufactures and sells electrical, mechanical, safety and infrastructure solutions globally. Atkore has a Zacks Rank #2. ATKR’s expected earnings growth rate for the next year is 12.2%. Legacy Housing builds, sells and finances manufactured and tiny homes, mainly in the southern United States. Legacy Housing has a Zacks Rank #2. LEGH’s expected earnings growth rate for the current year is 33.3%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cummins Inc. (CMI) : Free Stock Analysis Report Atkore Inc. (ATKR) : Free Stock Analysis Report Legacy Housing Corporation (LEGH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Legacy Housing’s updated fair value estimate has shifted from US$25.67 to US$26.67 per share, giving investors a fresh reference point for where analysts currently anchor their expectations. Bullish and cautious voices alike are tying this reset to how they view the company’s earnings support, especially around gross margins and potential demand for workforce housing units through FY26 to FY27. As you read on, you will see how this evolving narrative might shape the way you track Legacy Housing from here. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Legacy Housing. B. Riley lifted its price target on Legacy Housing to US$24 from US$21, which signals that the firm now sees more support for the current valuation than before, even while holding a Neutral rating. The B. Riley research highlights expectations for FY26 to FY27 earnings to be supported by gross margins around 30% and workforce housing unit shipments, giving investors specific levers to watch rather than relying on a vague growth story. Despite the higher price target, B. Riley still rates the stock Neutral, which suggests the firm sees a balance between upside linked to margin recovery and shipments and the execution risks around achieving those earnings. The thesis from B. Riley leans heavily on gross margin levels and workforce housing volumes in FY26 to FY27, so any shortfall in these areas could pressure the earnings profile that underpins the current fair value estimates. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! See how Legacy Housing's fair value stacks up across multiple valuation models — not just analyst targets. Legacy Housing Corporation approved a share repurchase program authorizing up to US$10 million of buybacks, with the authorization running through February 28, 2029. From February 6, 2026 to March 31, 2026, the company repurchased 30,740 shares for US$0.57 million under the buyback announced on May 7, 2026, completing that specific tranche and covering 0.13% of shares. From October 1, 2025 to October 31, 2025, the company reported no additional repurchases under the program announced on November 8, 2022, which ended with cumulative buybacks of 523,165 shares, or 2.16%, for US$11.2 million. Fair value estimate adjusted from US$25.67 to US$26.67 per share. Revenue growth assumption revised from 1.16% to 8.08%. Net profit margin input moved from 30.82% to 30.73%. Future P/E multiple updated from 13.01x to 11.77x. Discount rate assumption changed from 8.28% to 8.33%. Narratives connect a company’s real world story to its financial forecasts and fair value, so you can see why the numbers look the way they do. They update as new data, estimates, and risk factors come through. Head over to the Simply Wall St Community and follow the Narrative on Legacy Housing to stay up to date on: How housing affordability pressures, demographic shifts, and potential policy support for manufactured homes shape demand for Legacy Housing’s products and communities. The role of vertical integration, including in house financing and land lease communities such as Falcon Ranch, in supporting margins and recurring income. Key risks around cost inflation, credit quality in the captive loan book, operational inefficiencies, and regional concentration in Texas and the Southeast. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LEGH. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Legacy Housing (LEGH) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. The upward trend in estimate revisions for this mobile home manufacturing company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. For Legacy Housing, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year. The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate: The company is expected to earn $0.75 per share for the current quarter, which represents a year-over-year change of +25.0%. Over the last 30 days, one estimate has moved higher for Legacy Housing compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 22.95%. For the full year, the company is expected to earn $2.32 per share, representing a year-over-year change of +33.3%. There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for Legacy Housing versus no negative revisions. This has pushed the consensus estimate 11.54% higher. The promising estimate revisions have helped Legacy Housing earn a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. Investors have been betting on Legacy Housing because of its solid estimate revisions, as evident from the stock's 10.1% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Legacy Housing Corporation (LEGH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Legacy Housing Corporation? Here are five stocks we like better. Legacy reported Q1 net revenue of $34.4 million (‑3.7% YoY) while net income rose to $10.9 million and diluted EPS to $0.46, helped by slightly stronger gross margins, lower SG&A and a favorable tax rate from the Section 45L credit. Sales mix shifted sharply away from dealer inventory finance (down ~68%) with strong growth in retail (+81%), direct (+80%) and park/commercial channels, and management received about $8 million of non‑refundable deposits for workforce housing — roughly 600 units with deposits and expected deliveries of 200–300 units in Q2. Loan interest income rose 6.2% to $11.3 million and credit metrics remained strong (over 97% of consumer and park loans <30 days past due); the company ended the quarter with $14.1 million cash, ~ $49 million available on its revolver and repurchased ~31,000 shares, though inventories rose and tariffs/input costs pose ongoing risks. Legacy Housing (NASDAQ:LEGH) reported first-quarter 2026 results that showed modest revenue pressure but improved profitability, helped by lower operating expenses and a favorable tax rate. Management also pointed to a meaningful mix shift in sales channels, a growing contribution from its loan portfolio, and a pipeline of workforce housing orders that it expects will begin shipping in the second quarter. Chief Financial Officer Jon Langbert said total net revenue was $34.4 million, down 3.7% from $35.7 million in the prior-year quarter. Net income increased to $10.9 million from $10.3 million, while diluted EPS rose to $0.46 from $0.41. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Langbert attributed the improved earnings to “slightly stronger gross margins, lower SG&A, and a lower effective tax rate,” despite softer revenue. Langbert said product sales were $21.6 million, down 11.3% year over year, as Legacy shipped 312 units compared with 350 a year ago. Average revenue per unit was “essentially flat at roughly $69,100.” → Light Speed Returns: Corning Cashes In on NVIDIA Growth Management highlighted a sharp decline in dealer inventory finance activity, which was partially offset by gains in other channels. Langbert said inventory finance sales declined by about $7.6 million, or 68%, as dealers worked through inventory already on their lots. At the same time, Legacy reported strength in: Retail store sales: up 81% to $6.1 million Direct sales: up 80% to $2.7 million Commercial sales to mobile home parks: up 12% to $7.6 million → Years in the Making, AMD’s Upside Movement Has Just Begun Executive Chairman Curtis Hodgson said the retail growth reflected progress in a strategy to expand company-owned distribution, noting the company’s 14 retail locations under the Heritage Housing, Tiny House Outlet, and AmeriCasa names. Hodgson added that part of the year-over-year increase also stemmed from the AmeriCasa acquisition completed last year. Langbert said loan portfolio interest income rose 6.2% to $11.3 million, with “essentially all of that growth coming from our consumer book.” He said the consumer portfolio ended the quarter at $204.8 million, up modestly from year-end. He also reported mobile home park notes of $199.5 million and dealer inventory finance receivables of $26.5 million at quarter end. On credit quality, Langbert said more than 97% of both consumer loans and mobile home park notes were less than 30 days past due. He added that the company increased loan loss reserves modestly, reflecting portfolio growth and “a slightly more conservative posture given the broader economic backdrop.” Hodgson echoed that performance, saying the loan portfolios were “performing very well” and that the company had not seen deterioration that would require a major shift in reserving beyond the modest increases already made. Langbert said cost of product sales fell 13.1%, broadly in line with lower volumes. SG&A totaled $5.8 million, down 8.3%, driven by lower payroll, health benefit, and legal costs, partially offset by a higher loan loss provision and modestly higher property taxes. The company’s effective tax rate was 16.1% for the quarter, down from 19.3% a year earlier and below the 21% statutory rate. Langbert attributed the lower rate to the Section 45L Federal Energy Efficient Home Improvement Credit, which provides a per-home tax credit for qualifying energy-efficient homes, and to a discount on transferable tax credits purchased during the quarter. He noted that the Section 45L credit is set to terminate on June 30 under last year’s tax legislation, and the company expects its tax rate to move closer to the statutory rate after that. Langbert described the balance sheet as remaining in “excellent shape.” The company ended the quarter with $14.1 million in cash, up from $8.5 million at year-end, supported by $7 million of operating cash flow. Inventories increased to $50.4 million from $39.9 million, “primarily in finished goods,” which management tied to production for a major project that Hodgson discussed in the context of workforce housing tied to data center activity. Legacy’s $50 million revolving credit facility with Prosperity Bank had less than $1 million drawn at quarter end, leaving roughly $49 million of available capacity, and Langbert said the company remained in compliance with financial covenants. Total stockholders’ equity was $539 million, up from $528.6 million at year-end. On capital allocation, Langbert said Legacy repurchased about 31,000 shares for roughly $600,000 during the quarter under a new $10 million authorization approved in February, leaving about $9.4 million available through February 2029. Hodgson said management views repurchases as a “sensible use of our capital” while the stock trades near book value, alongside reinvestment. Hodgson also discussed several business issues and developments: Tariffs and input costs: He said tariffs were a “meaningful theme” during the quarter. Hodgson cited a February Supreme Court ruling that emergency tariffs imposed in 2025 were not authorized and said the company is seeking a $683,000 refund as U.S. Customs winds down those duties. He added that new Section 301 investigations began in March and that additional Section 232 duties on materials such as aluminum, steel, and copper took effect April 6, after quarter end, continuing to pressure costs. Workforce housing orders: Hodgson said the company received about $8 million of non-refundable deposits in the quarter tied to large workforce housing orders, began production in Q1, but made no deliveries in the quarter. Entering Q2, he said he expected 200–300 units to be delivered. In the Q&A, he estimated the company had “somewhere around 600 units with deposit” in this category in Texas, with at least half expected to ship in Q2 and the remainder in Q3 and Q4, and said substantially all would be recognized during calendar 2026. AmeriCasa litigation: Hodgson said Legacy filed a lawsuit in March related to alleged “misrepresentations and omissions” in the AmeriCasa acquisition. He characterized the matter as early-stage and said it was not material to the company’s consolidated financial position, liquidity, or operations. Promissory note maturity: Hodgson discussed a short-term $48.6 million promissory note bearing 7.9% interest that matures in July. He said the borrower has made required payments and that the parties are discussing a partial payment and renewal, adding that the company still believes there will not be a negative effect but that negotiations are ongoing. Operating outlook by geography: Hodgson said Texas demand tied to “non-traditional” areas like data centers and the oil field was strong, while “traditional demand is not great,” particularly in Georgia, where he said the company did not yet have workforce housing orders and was relying on dealer, park, and company-store sales that “does not have enough volume to keep us running at profitable production.” Looking ahead, Hodgson said the company’s next two quarters “should be pretty doggone impressive” based on homes already built and shipping to major Texas customers. He also said SG&A reductions could continue, telling analysts he expected “maybe a 10% reduction by the end of the year in SG&A,” while cautioning that items such as loan loss provisioning and warranty-related costs can affect the total. During Q&A, Hodgson added that deportations have hurt sentiment in the Hispanic retail customer base, but he said the loan portfolio has not been affected. He noted repossessions had moved back toward historical norms, estimating roughly 4% per year. Legacy Housing Corp. designs, builds and markets factory-built homes, focusing on both single-section and multi-section manufactured housing products. The company offers a range of floor plans and customization options, including energy-efficient features and accessible design elements. Its core business activities encompass in-house design, procurement of building materials, plant-based construction and nationwide distribution through an independent network of retail partners. Founded in 2009 and headquartered in Dallas, Texas, Legacy Housing operates in key regions across the southeastern and southwestern United States. The article "Legacy Housing Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Friday, May 8, 2026 at 1 p.m. ET Executive Chairman of the Board — Curtis Hodgson Chief Financial Officer — Jon Langbert Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good day, and thank you for standing by. Welcome to the Legacy Housing Corporation first quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ remarks, we will open the line for questions. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one again. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Curtis Hodgson, Executive Chairman of the Board. Please go ahead. Curtis Hodgson: Good morning. This is Curtis Hodgson, Executive Chairman. I am here with Jon Langbert, our Chief Financial Officer. Thanks for joining our first quarter 2026 conference call. Jon will now read the safe harbor disclosure before we get started. Jon Langbert: Before we begin, I am reminding our listeners that management’s prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from management’s current expectations. We refer you to a more detailed discussion of the risks and uncertainties in the company’s quarterly report on Form 10-Q filed yesterday with the Securities and Exchange Commission and in our most recent annual report on Form 10-K. Any projections as to the company’s future performance represent management’s estimates as of today’s call. Legacy Housing Corporation assumes no obligation to update these projections in the future unless otherwise required by applicable law. Thanks. Let us get to the numbers. Total net revenue for the quarter was $34.4 million, down 3.7% from $35.7 million a year ago. Despite the modest top line decline, net income was $10 million versus $10.3 million, and diluted EPS came in at $0.46, up from $0.41 in 2025. So revenue was a touch softer, but the bottom line was stronger, and I will walk through how we got there. Product sales were $21.6 million, down 11.3%. We shipped 312 units in the quarter versus 350 a year ago, with average revenue per unit essentially flat at roughly $69,100. The story underneath the headline number is really a mixed story. Inventory finance sales were down about $7.6 million, or 68%, as our dealers continue to work through existing inventory on their lots. That decline was largely offset by strength across our other channels. Retail store sales nearly doubled, up 81% to $6.1 million. Direct sales were up 80% to $2.7 million, and commercial sales to mobile home parks grew 12% to $7.6 million. The shift toward retail and direct selling reflects the strategy we have been executing, getting closer to the end consumer and expanding our company-owned distribution. Loan portfolio interest income was $11.3 million, up 6.2%, with essentially all of that growth coming from our consumer book. The consumer portfolio ended the quarter at $204.8 million, up modestly from year-end. Mobile home park notes finished at $199.5 million, and dealer inventory finance receivables at $26.5 million. On the expense side, cost of product sales was down 13.1%, broadly in line with lower volumes, and SG&A came in at $5.8 million, down 8.3%. The SG&A decline reflects lower payroll, health benefit, and legal costs, partially offset by a higher loan loss provision and modestly higher property taxes. The net result is that even with revenue down a touch, we delivered net income growth of about 6% and EPS growth of around 12%, a function of slightly stronger gross margins, lower SG&A, and a lower effective tax rate. On taxes, our effective rate for the quarter was 16.1% versus 19.3% a year ago and the 21% statutory rate. The benefit reflects two items. First, the federal energy efficient home improvement credit known as Section 45L, which provides a per-home tax credit for manufacturers who build homes meeting specified energy efficiency standards, which we have qualified for on a substantial portion of our production. Second, a discount on transferable tax credits we purchased during the quarter. As a reminder, the Section 45L credit terminates on June 30 under last year’s tax legislation. We expect our effective rate to move closer to the statutory rate after that. The balance sheet remains in excellent shape. We ended the quarter with $14.1 million in cash, up from $8.5 million at year-end, on $7 million of operating cash flow. Inventories rose to $50.4 million from $39.9 million at year-end, primarily in finished goods. Curtis will speak more about the inventory build and the data center project driving it in a moment. Our $50 million Prosperity Bank revolver had less than $1 million drawn at quarter end, leaving roughly $49 million of available capacity, and we are in compliance with all our financial covenants. Total stockholders’ equity finished the quarter at $539 million, up from $528.6 million at year-end. We repurchased about 31,000 shares for roughly $600,000 during the quarter under our new $10 million authorization that the board approved in February, leaving approximately $9.4 million available for future repurchases through February 2029. The credit quality across our loan portfolios remains solid. At quarter end, more than 97% of both our consumer loans and our mobile home park notes were less than 30 days past due. We did increase loan loss reserves modestly in the quarter, reflecting continued portfolio growth and a slightly more conservative posture given the broader economic backdrop. With that, I will turn it back to Curtis. Curtis Hodgson: Thanks, Jon. Let me hit a few business topics: the operating environment, some specific business updates, and a couple items that warrant a closer look from this quarter. The Q1 environment was a continuation of what I have spoken to in the past. Inflation picked up a little bit during the quarter, and the Fed is now holding its benchmark rate steady, and 30-year mortgage rates are staying above 6%. Sustained higher borrowing costs continue to weigh on affordability, which affects our end consumers and particularly affects our park customers. They are trying to make a return on their investment, and higher interest rates are making it more difficult to do so. Tariffs became a meaningful theme during this quarter, and they continue to affect our cost structure. The Supreme Court ruled in February that the emergency tariffs imposed in 2025 were not authorized, and U.S. Customs has begun winding down those duties. We are in the process of asking for a $683,000 refund based on that Supreme Court decision. Meanwhile, the U.S. Trade Representative picked up new Section 301 investigations in March that could provide a different legal basis for tariffs going forward. And effective April 6, right after our quarter end, additional Section 232 duties were imposed on things like aluminum, steel, and copper, which does affect our cost structure. The bottom line is combined effective tariff rates on most Chinese-origin goods are still meaningful, and we are still absorbing real input cost pressures. A few other specific items. On retail and dealer activity, the shift towards retail at our own company stores we have been talking about is really showing up this quarter, and I think will continue to improve. Our retail sales are up 81% year over year. Part of that increase came from buying AmeriCasa last year, which sells our homes but also sells three other brands at that location. Across our 14 company-owned retail locations—we call it Heritage Housing, our Tiny House Outlet, and AmeriCasa—direct access to end consumers continues to be a meaningful part of our strategy. On our finance division, the loan portfolios continue to perform very well. Consumer loan portfolio interest grew. Credit quality is over 97% across all of our portfolios, and we have not seen any deterioration that would require us to change our reserving posture beyond the modest increases that we have been making. On capital allocation, we restarted share repurchases this quarter under the new $10 million authorization, and with our stock continuing to trade near book value, we view buybacks as a sensible use of our capital alongside reinvestment in the business. Let me talk a minute about the workforce housing orders that for the last two calls I have mentioned. During this quarter, we received nonrefundable deposits of about $8 million from customers for large workforce housing orders. We started production on those orders in the first quarter but had not made any deliveries from those orders in the first quarter. Now that we are in the second quarter, I expect 200 to 300 units to be delivered on those fairly high-margin orders for which we have deposits in place, and we should recognize substantially all of these workforce housing orders in calendar year 2026. Another topic I would like to spend a minute on is the AmeriCasa litigation. We filed a lawsuit in March. Our claim is related to misrepresentations and omissions made in that acquisition, and we are early in the litigation. I am not exactly sure where it will end up, but the litigation was necessary because the acquisition we made last year was not panning out as we expected, in my view because items were either not disclosed or erroneously disclosed during the due diligence period. The litigation is not material to our consolidated financial position, liquidity, or operations. We will continue to evaluate the facts and circumstances regarding that acquisition, and I just want everybody to know that it is not going to be the savior to the company, but on the other hand it is not going to be very deleterious either. One other item that is worth flagging. In 2024, we came to an agreement with borrowers under which we received clear title to mobile home communities and a new $48.6 million short-term promissory note bearing interest at 7.9%. This note matures in July. We have been in contact with the borrower, and they have now made all required payments under that bridge loan. We are talking about taking a partial payment and renewing it. We are talking about what possible lending we are willing to do on a going-forward basis, and we still believe that there will not be any negative effect from this note, but we are in the process of negotiating and you never know how it might turn out. A couple of other closing thoughts that are really short. Q1 was a solid quarter, especially in light of the management transition that happened in the fourth quarter. Net income was up over 6%, and on a diluted earnings per share basis it was up 12%, somewhat because of our share repurchases and somewhat by the exit of executives that no longer have stock options. Our balance sheet is in great shape: $14 million of cash, essentially no debt, $539 million of stockholders’ equity, and an undrawn revolver. People look at us and say, my gosh, you have a clean balance sheet. We also are a one-entity company—no subsidiaries—and I think that is a very attractive place to be. The workforce housing orders are encouraging, especially here in Texas. The strength in our retail and direct sales reflects the strategy that we have been pursuing. Loan portfolios continue to be stable, and a growing earnings engine. Georgia continues to be a big question mark. We have managed to keep it running, but we do not have any workforce housing orders yet in Georgia, so we are relying on the old-fashioned selling to dealers and selling to parks and selling through our company stores. That does not have enough volume to keep us running at profitable production. As I have said before, Legacy Housing Corporation has never had a quarterly loss in our entire history, and 2026 has kept that streak going, as will Q2. We are conservatively capitalized, focused on long-term value creation, confident in our ability to weather some near-term volatility while positioning for long-term growth as housing affordability becomes more and more important to U.S. consumers and policymakers, especially if interest rates remain at 6% or above. Operator, that concludes our prepared remarks. Please open up the line for questions and answers. Operator: We will now open the call for questions. To ask a question, please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one again. Our first question comes from Alexander Rygiel of Texas Capital Securities. Your line is open. Alexander Rygiel: Good afternoon, Curtis and Jon. Great to hear from you both. Curtis, I always appreciate your broader perspective on the economy and broader housing market trends. I am curious, in your views, how you think that has changed over the last three months? Curtis Hodgson: You know, on the 10,000-foot view, Alex, our demographics are not all that healthy. For the first year in history last year, we had more people moving out of the country than moving into the country, and our birth rate is below two. So on a 10,000-foot view, we do not need a lot of new bedrooms. We already have all we need. Growth is basically geographically very particular. We have growth in states like Texas and Florida, and we do not have growth in states like, you know, Indiana and Ohio. Fortunately, we do business south of the Mason-Dixon line, and we still have a growing demographic in the states that we do business. As an aside, Kenny and I got in this business in 1980, and from 1980 to 1982—young men that were not living through it have read your history books—that was the highest interest rate environment in the history of our company, where the prime rate of interest got all the way, I believe, to 18%. Those were very good years in the mobile home business because high interest rates lock consumers out of traditional site-built housing. Buying the $500,000 house at a 10% mortgage rate is prohibitive to almost anybody in this economy, which brings them down, just as it did in 1980–1982, to things that we sell. So higher interest rates are not a bad fact to the manufactured housing industry. If anything, they are a good fact. But we still struggle on where you are going to put the homes. We do not have a lot of vacant spaces in big cities. We do not have very many mobile home parks coming online. Although, as you know, we are trying to do things in Texas, we do not have a good answer to where we could put them. Lots of headwinds. And the industry itself has not grown in filling that void, and it has not grown in providing a neighborhood solution as the traditional homebuilders have, of which I know you follow many of them. So even now that we have what should be tailwinds, we have not done a very good job as an industry of imitating the site-built housing people and selling community solutions as opposed to, say, a Jim Walters solution—for those of you that are my age—where we are just providing a house and somebody else has to put in the garage, somebody else has to put in the landscape, somebody else has to put in the premises and the fence. We basically are providing part of the solution but not all the solution, whereas when you follow your site builders, they are solving almost all of the neighborhood problems. We are trying to morph into that with our huge development outside Boston, which has got a lot of good news this week, if anybody was paying attention. Within four miles of our location, we have thousands of jobs that have just been announced for the future. So that particular location I am very confident of, and we have made very little progress on other land holdings. I know I went above and beyond answering your question, but at least I did answer your question. Anything else, Alex? Alexander Rygiel: Yes, that was very helpful. Historically, the company has seen some positive seasonality after tax season. Since we are past that, can you comment on demand in April and early May? Curtis Hodgson: Sure. I do not know that we can stomach much more demand in Texas with all our orders already in place. We are probably already out to August or September. We would have to find somebody to move in the line to take more orders. We did get a little seasonality bump in Georgia. We were able to turn that spigot back on, but we do not have much backlog in Georgia. Without the data centers and without the oil field boom—which Georgia does not participate in hardly at all—the good old-fashioned mobile home business, the street dealers, and the parks is rather tepid. I do not mind going on record on this thing, and I think followers of my peer group have already figured it out based on the punishment that they gave the stock prices this week. But I did notice before the call that our stock was actually up on what I consider fair but not great reports. We are in good shape as a company, and our next two quarters should be pretty doggone impressive based on houses already built in that backyard that we are starting to ship to these major, major customers in Texas. To answer your question in summary, traditional demand is not great, but nontraditional demand like data centers and oilfield is as good as I have seen it ever since Rita-Katrina in 2005. So a lot of good news, but a little bit of bad news. Alexander Rygiel: One last question. As it relates to the workforce housing order that you have—that is fantastic—but turning the page, how do future prospects look, and when might we hear about other big orders into this market? Curtis Hodgson: In Texas, we are working several big orders—I mean huge orders—and none of them have turned into deposits yet, but we are working that angle. The big seven companies that are involved in data centers are making a multi-trillion-dollar commitment to this space. Compared to the stimulus that was given to the economy after COVID by the U.S. government, in size the stimulus that these seven are giving the economy is comparable to that stimulus, which was significant. So let us take a data center manufacturer. He is putting on his balance sheet an asset, but he is putting on my balance sheet income, as well as everybody in the construction business in this region. The fact that income is going to be up for everybody in this region is a pretty remarkable amount of stimulus. There is a little bit of that going on a nationwide basis, including Georgia, and even on a worldwide basis. But in our market—Texas and Louisiana—there is so much data center business that is actually going to happen by these seven companies investing mega capital that I think we are good probably all the way through 2027 and maybe beyond. So business is good in Texas. That is all I can tell you. Good to hear. Thank you very much. Operator: Thank you. As a reminder, if you have a question, please press star one. Our next question comes from Mark Smith of Lake Street. Your line is open. Mark Smith: Hi, guys. I wanted to ask for a little more detail, if you can, Curtis, on this workforce housing deal—any more insight you can give us on the size and maybe the timing of revenue recognition as we work through the year? Curtis Hodgson: I can do that. I would guess that we already have somewhere around 600 units with deposits in this category out of Texas, which is about half of our entire production last year in Texas—maybe even more than half. The orders actually started in December, but they were not ready for the houses. We needed the order, so we built them anyway. Of the 600, at least half of them will be shipped in Q2, with the remaining being shipped in Q3 and Q4. To Alex’s question, Mark, I tipped my hand and said we are in the process of taking even more orders. Think of the double whammy we have here, Mark. We have data centers all over the state of Texas, and we have West Texas crude selling at nearly $100 a barrel, which we have historically always gotten orders from whenever there is a boom in the oil field. If you can tell me when the Iran war is going to be over, what is going to happen to oil prices, I might have a different opinion. But if this $90 to $100 a barrel holds, we are not only going to have lots of orders for data centers, we are going to have lots of orders for the Permian Basin as well, and it will lift all boats. Every manufacturer is going to get a benefit. We are not uniquely qualified. There are 34 operating plants in the state of Texas, but we are all going to rise together. We will not need independent dealers like we have in the past. We will not even need our own company stores. Now, we will keep growing them, but I would rather build a past sale to Google than create too much inventory in my company stores in a rather tepid retail business. The theme remains the same, and if you have been following these calls—because I know you have been on them, Mark—all I am doing is backing up what I already predicted two calls ago with real numbers. We are in good shape for a long time. It will blossom in Q3 and Q4, and it is going to show up beginning in Q2. We may have three of the best quarters coming up in front of us. I do not like to overpromise and underdeliver. You have known me for eight or nine years, and you know that I am pretty conservative in these projections. But I know what is in the pack, and it would be nonsensical for me to not reveal it. We are going to have good three quarters. Mark Smith: The other one was just starting in Q2, it was a pretty impressive cut in SG&A this quarter, and I know there have been some changes there. Can you talk about the sustainability of SG&A—if there are further cuts or if, with the orders coming, there is some stuff that you need to add? Curtis Hodgson: I wish this were a video call because you would see a picture of me with a machete. I have just begun to cut SG&A, and everybody is supportive of that. Come on now, we basically have $500 million invested in paper. That does not take any SG&A, or hardly any. I am tired of SG&A growing in the company when the rest of the company is not growing. I would expect to see further declines in SG&A. I do not know how much we can get it down to because, as Jon correctly pointed out, SG&A is not just sales, general, and administrative; it includes things like warranty and reserves and provisions for loan losses—this all gets put in SG&A. From a pure people-and-expense—the S and the G and the A—I would expect further declines. But I do not know what our auditors are going to require for loan provisions that I think are nonsensical, and I do not know what skeletons are going to come up in the warranty department from yesteryear because we built some stuff that has been a legal issue. Part of our SG&A is still going to go down while part of it may not. I would expect maybe a 10% reduction by the end of the year in SG&A. Mark Smith: You spoke earlier about inflationary pressures and tariffs. Do you think your SG&A cuts are enough to make up for some of the inflationary pressures that you could see? And is there anywhere you can cut in COGS to get the product cost down? Curtis Hodgson: I have to go back to 10/20/30. The problem in the industry is all of the major manufacturers have been trying to build a cheaper product, and any time they can take $10 out, they consider it a triumph. The natural result is the product loses desirability. It does not have basic features, like, say, medicine cabinets. We have taken a different tack. We are not going to build the cheapest one if possible. We will build to the middle of the market, and just recently we began to prove that theory out at the retail level with our company stores. We are not good at competing in a fire-sale into who can sell the cheapest one for the lowest margin, because that is a recipe for failure. We are going to abandon that philosophy and concentrate on the middle market. The market needs to do more like the site-built housing and turn into more of a turnkey solution to housing and get off the idea that the guy has to buy his own medicine cabinet, if you know what I mean. That is a little periphrastic to your question, but it is responsive. Mark Smith: Maybe another part to ask is, with changes in immigration and your own workforce, are you seeing pressure on labor and your ability to hit new production goals? Curtis Hodgson: As the younger generation would say, Mark, 100%. Deportations have hurt our sales to the Spanish market, and I think that is unfortunate, but it is okay. The interesting fact is our retail portfolio, which is 70% Hispanic, is behaving incredibly well. We have not experienced a big uptick in repossessions—maybe a little bit. I would say we are now repossessing roughly 4% per year, but that is the historical norm in this industry. When we were repossessing at only 2% per year, it was because there was this quantum leap in prices during COVID, and everybody was right-side up in what they owed on their mobile home. Those increases in prices ended four years ago. In four years, we have had no substantial increase in prices in this industry since COVID. Because of the loans made in 2022, 2023, 2024, and 2025, we have consumers that are not well covered by the value of their mobile home, and I think that is the reason why repossessions are increasing back to historical norms. Deportations are not affecting our loan portfolio, but they are affecting the sentiment of people and whether they want to buy a mobile home with the threat that some family member may be deported and they do not want to go back home with them. So it has affected who we sell to retail and how we sell to them, but it has not affected our portfolio. I think that answers your question. Operator: Thank you. I am showing no further questions at this time. I would like to turn it back to Curtis Hodgson for closing remarks. Curtis Hodgson: Sure. Thanks, everybody who joined the call today. I appreciate your interest in our company. That ends the call from my perspective. Operator: This concludes today’s conference call. 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