Skyline Champion Sees 95% Income Gain for 3Q (2/7/2019)
Story by RVBusiness
Skyline Champion Corp., a builder of park model RVs and manufactured housing, reported that sales increased 20% during its third quarter to $354.7 million.
Net income during the period grew 95% to $10.5 million while earnings per share were 27 cents compared to 19 cents a year ago.
“I am pleased to report another solid quarter for Skyline Champion. In the third quarter fiscal 2019 the company was successful in growing the topline and realizing merger synergies from its combined businesses,” said Keith Anderson, chief executive officer for the company, a merger of Skyline Corp. and Champion Home Builders completed on June 1. “During the quarter we also made important growth investments as we completed the expansion of our Corona, Calif., facility and made progress toward opening a new manufacturing facility in Leesville, La.
“The Leesville opening remains on schedule and will increase our capacity and help drive market share in the surrounding region. We remain excited about the progress we made during the quarter and the opportunities ahead for Skyline Champion.”
Gross profit increased by 15% to $64.7 million in the third quarter compared to the prior-year period. During the company produced over 900 disaster relief homes for the Federal Emergency Management Agency (FEMA). These standard FEMA floorplans allowed Skyline Champion to achieve higher than typical production efficiencies and resulting margins.
Selling, general and administrative expenses in the third quarter increased to $48.8 million from $32.9 million in the same period last year, primarily due to inclusion of expenses related to the Skyline operations, and integration costs associated with the combination.
To view the full report click here
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