Skyline Champion Corp., a manufactured housing and park model RV builder, announced financial results for its fiscal first quarter ended June 29, including a 15% increase in sales to $371.9 million.
Other highlights include:
• Total U.S. homes sold increased 20% to 5,448.
• Gross profit as a percent of sales expanded by 330 basis points to 20.4%.
• Net income of $17.4 million, compared to a net loss of $0.9 million.
Earnings per diluted share of 31 cents.
• Adjusted EBITDA increased 41% to $32 million
• Adjusted EBITDA margin expanded by 150 basis points to 8.6%
• Net cash provided by operating activities increased to $26.8 million from $4.3 million
“We are off to a good start to our fiscal year 2020 with double digit topline growth, margin expansion and a significant increase in cash flow,” said CEO Mark Yost. “Revenue growth combined with our operational initiatives helped drive margin expansion during the quarter.
“We are excited about the growth prospects for our business and recently announced the grand opening of our Leesville, La., facility, which expands our geographic reach and capacity. We remain well positioned to extend our leadership position in the market as we pursue operational improvement initiatives to better serve the growing need for attainable housing.”
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