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Manufactured home and towable RV builder Skyline Corp. reported its third fiscal quarter net earnings increased more than threefold despite an operating loss at its RV division.
The New York Stock Exchange-listed company reported to the Securities & Exchange Commission (SEC) that its net earnings totaled $869,000 during the three months ended Feb. 28, compared with $262,000 earned a year earlier.
For the nine months ended Feb. 28, Skyline’s net earnings increased 25% to $8.2 million.
However, Skyline’s RV division reported an $833,000 operating loss for the December-through-February period, compared with a $900,000 operating loss during the same period a year earlier.
For the nine months ended Feb. 28, Skyline reported an operating loss of $951,000 at its RV business, compared with an RV operating loss of $719,000 during the same period a year earlier.
Skyline’s third fiscal quarter RV sales revenue also declined 9% to $21.8 million and its RV sales slipped 2% lower during the nine months ended Feb. 28 to $74.9 million.
The loss at Skyline’s RV division was more than offset by the operating profit earned by its manufactured housing business. It earned $2.4 million from manufactured home building operations during its third fiscal quarter on sales of $74.3 million, compared with an operating loss of $428,000 incurred a year earlier on sales of $66.9 million.
Skyline’s manufactured home operating profit also increased 79% during the nine months ended Feb. 28 to $14.4 million on sales of $261.4 million.