Skyline Corporation (SKY) Reports Q1 Revenues Above Estimates

Skyline Corporation (NYSE: SKY) reported Q1 EPS of $, versus $0.15 reported last year. Revenue for the quarter came in at $322.3 million versus the consensus estimate of $60.7 million.

• Net sales increased 32% to $322.3 million
• Total homes sold increased 19% to 4,898
• Gross margin expanded by 230 basis points to 17.1%
• Net loss of $0.9 million, compared to net income of $5.3 million, the year-over-year decline was due to increased SG&A and tax expense associated with the Combination
• Adjusted EBITDA increased 109% to $22.7 million
• Adjusted EBITDA margin expanded by 260 basis points to 7.1%

“I am excited to be reporting our results for the first time as Skyline Champion. The business performed well during the quarter driven by strong demand in most of our U.S. markets as well as Canada,” said Keith Anderson, Skyline Champion’s Chief Executive Officer. “I am pleased with our progress on the integration of our business and with the blending of our complementary cultures, providing a great opportunity to expand our role as one of the industry’s leaders. We are making progress toward achieving our targeted synergies.”

“As we look forward and the market remains healthy, we are well positioned with $222 million of backlog at June 2018. In addition, we continue to see positive developments on the financing front, with more competitive retail financing programs for both chattel and land home segments that should help drive improved order rates.”

For earnings history and earnings-related data on Skyline Corporation (SKY) click here.

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