Skyline Champion Corporation HEAVEN (“Skyline Champion”) today announced financial results for the second quarter ended October 1, 2022 (“Fiscal Year 2023”).
Highlights of the second quarter of fiscal 2023 (compared to the second quarter of fiscal 2022)
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Net sales increased 53.9% to $806.8 million
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US homes sold rose 23.2% to 7,274
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The total backlog decreased 40.5% to $0.8 billion
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The Average Selling Price (“ASP”) per US home sold rose 29.8% to $103,700
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Gross profit margin increased 930 basis points to 34.0%
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Net income increased 184.1% to $144.1 million
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Earnings per share (“EPS”) increased to $2.51 from $0.89
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Adjusted EBITDA increased 169.6% to $197.1 million
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Adjusted EBITDA margin increased by 1,050 basis points to 24.4%
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Net cash from operations of $231.1 million during the quarter
“I am pleased to report another quarter of strong revenue and earnings growth,” said Mark Yost, Skyline Champion’s President and Chief Executive Officer. “During the quarter, we expanded retail distribution through our acquisition of 12 retail outlets and continued to advance our long-term strategic initiatives, including enhancing the customer shopping experience and streamlining product offerings, further driving efficiencies and improving profitability as we advance in delivery of more homes combined with retailer destocking and order rates resulted in healthier backlogs and improved delivery times for our customers.We believe that Skyline…
