Legacy Housing Corporation (NASDAQ:LEGH) Q3 2022 Earnings Conference Call November 9, 2022 12:00 PM ET
Company Participants
Duncan Bates - President and CEO
Curtis Hodgson - Executive Chairman and Co-Founder
Conference Call Participants
Mark Smith - Lake Street Capital
Timothy Moore - EF Hutton
Alexander Rygiel - B. Riley Securities
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Legacy Housing Corporation Third Quarter 2022 Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers presentation, there will be a question and answer session. [Operator Instructions.] Please be advised that today's conference may be recorded.
I would now like to turn the conference over to your speaker, Mr. Duncan Bates, President, Chief Executive Officer. Please go ahead, sir.
Duncan Bates
Thank you. Good morning, everybody. This is Duncan Bates, Legacy's President and CEO. Thank you for joining our call today. Before we begin, may I remind 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. And therefore, we refer you to a more detailed discussion of the risks and uncertainties in the company's annual report filed with the Securities and Exchange Commission. In addition, any projections as to the company's future performance represent management's estimates as of today's call. Legacy Housing assumes no obligation to update these projections in the future unless otherwise required by applicable law.
We are excited to share our third quarter 2022 results and discuss our business today. We look forward to hosting earnings calls on a consistent quarterly basis in the future. I am joined today by Curt Hodgson, Legacy's Executive Chairman and Kenny Shipley, Legacy's Co-Founder and Executive Vice President. I will discuss our third quarter performance and provide additional corporate updates. I will then turn the call over to Curt for final comments and questions.
Net revenue increased to $57.3 million in the third quarter, representing a 1.5% improvement over the third quarter of 2021. The increase resulted from price increases implemented over the past year, offset by a decrease in shipments from our Eatonton, Georgia facility. During the third quarter, we delayed shipments and slowed production to improve the quality and consistency of homes manufactured in Eatonton. We are now shipping the delayed homes in addition to our current production and plan to meet or exceed historical production levels by early 2023. Although this process impacted third quarter revenue, the changes will significantly benefit our customers and our business moving forward.