Skyline Champion Reports 3Q Net Income Up 95% (2/7/2019)
Story by Woodall's Campground Management
Skyline Champion Corporation has announced financial results for its third quarter which ended Dec. 29, according to a press release.
Below are highlights of the third quarter of fiscal 2019 compared to the third quarter of fiscal 2018:
- Net sales increased 20% to $354.7 million
- Total homes sold increased 16% to 5,348
- Gross profit as a percent of sales of 18.3%
- Net income increased 95% to $10.5 million
“I am pleased to report another solid quarter for Skyline Champion. In the third quarter of fiscal 2019 the company was successful in growing the topline and realizing merger synergies from its combined businesses,” said Keith Anderson, Skyline Champion’s CEO. “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.”
The increase in net sales was driven primarily by an increase in the number of homes sold, as well as a higher average selling price (ASP) per home sold, which increased due to market demand and product mix. The number of U.S. factory-built homes sold by Skyline Champion in the third quarter fiscal 2019 increased by 17% to 5,019 with U.S. ASPs increasing by 9% to $61,700. Average home sales prices rose in response to increased market demand for higher priced models.
The number of Canadian factory-built homes sold increased by 2% to 329 homes compared to 323 homes in the prior-year period. Looking forward Skyline Champion is well positioned with $181 million in backlog as of Dec. 29, according to the release.
To read more on the Skyline Champion's third quarter click here.
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