Skyline Champion Corporation has announced financial results for its second quarter ended September 29, 2018 of the fiscal year ending March 30, 2019.
On June 1, 2018, Skyline Corporation and Champion Enterprises Holdings LLC, the parent company of Champion Home Builders Inc., completed the previously announced combination of their operations. The combined company operates as Skyline Champion Corporation and is traded on the New York Stock Exchange under the ticker symbol “SKY”. The second quarter of fiscal 2019 includes a full quarter of results for both the Skyline and Champion businesses while the six-month period ended September 29, 2018 includes only four months of results from the Skyline operations. Results for the three and six months ended September 30, 2017 of the fiscal year ended March 31, 2018 (“fiscal 2018”) include only the results of Champion.
Second Quarter Fiscal 2019 Highlights (compared to Second Quarter Fiscal 2018)
- Net sales increased 37% to $355.4 million
- Total homes sold increased 26% to 5,350
- Gross profit as a percent of sales expanded by 70 basis points to 16.6%
- Net loss of $77.0 million, compared to net income of $7.4 million, the year-over-year decline includes $85.8 million in non-cash, equity-based compensation expense
- EPS was a net loss of $1.42; excluding non-recurring expenses, Adjusted EPS was net income of $0.23
- Adjusted EBITDA increased 58% to $23.8 million
- Adjusted EBITDA margin expanded by 90 basis points to 6.7%
“The second quarter fiscal 2019 was another strong period for Skyline Champion as we continued to benefit from a healthy market and increased demand for our products,” said Keith Anderson, Skyline Champion’s CEO. “I am encouraged by the results we are seeing and the progress that we have made toward achieving synergies from the combined businesses. As we look forward, demand for manufactured homes remains healthy and Skyline Champion is strategically adding capacity to meet the needs of the market.”
SOURCE: Skyline Corporation press release