Skyline Champion Corp., a builder of manufactured housing and park model RVs, reported a decrease in net sales of 0.3% to $354.5 million during its second quarter, ended Sept. 28. Net income during the period was $17.7 million compared to a net loss of $77 million in the year-ago period.
Other highlights included:
- U.S. factory built net sales increased 2% to $312.8 million.
- Gross profit as a percent of sales expanded by 430 basis points to 20.9%.
- Earnings per share (EPS) of 31 cents compared to a loss of $1.42.
- Excluding non-recurring expenses, Adjusted EPS was $0.34, an increase of 70% compared to 20 cents.
- Adjusted EBITDA increased 36% to $32.5 million
- Adjusted EBITDA margin expanded by 250 basis points to 9.2%
“We continued to deliver expansion of gross margin, EPS, net income, and Adjusted EBITDA through our focused efforts on operational improvements, coupled with lower material costs,” said Mark Yost, Skyline Champion’s CEO. “I am proud of our ability to generate strong profit improvement as we continue to invest in growth and ramp up production at our Leesville, La., facility. As anticipated, consolidated revenue was stable year-over-year with growth in our U.S. and Canadian housing segments offset by continued softness in our trucking business. For the remainder of our fiscal year, we expect year-over-year volumes to improve modestly.”
“During the quarter, we successfully started shipping our new class of homes with specifications compliant with the GSE’s home financing programs. In addition, we are excited to introduce our Genesis® brand of homes, which is designed for the new class of homes, to give builder-developers a strategic alternative to better serve the growing need for attainable housing.”
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