Skyline Champion Announces Fourth Quarter and Full Year Fiscal 2024 Results; Announces New $100 Million Share Repurchase Program
Skyline Champion (NYSE: SKY) announced its Q4 and full-year fiscal 2024 results. Q4 net sales rose 9.1% to $536.4M, with U.S. homes sold increasing by 15.3% to 5,652. However, gross profit margin decreased significantly by 1,040 basis points to 18.3%, impacted by $34.5M in remediation costs for water intrusion issues.
Adjusted net income fell 37.7% to $36M, and adjusted EPS decreased 38.6% to $0.62. For the full year, net sales dropped 22.3% to $2B, with net income dipping 63.5% to $146.7M, primarily due to lower home sales and higher SG&A expenses.
The company announced a $100M share repurchase program to enhance shareholder value.
- Q4 net sales rose 9.1% to $536.4M.
- U.S. homes sold in Q4 increased by 15.3% to 5,652.
- Total backlog increased 8.7% to $315.8M.
- Net cash generated by operating activities was $222.7M for the full year.
- Announcement of a $100M share repurchase program.
- Q4 gross profit margin contracted by 1,040 basis points to 18.3%.
- Adjusted net income for Q4 decreased 37.7% to $36M.
- Adjusted EPS for Q4 fell by 38.6% to $0.62.
- Full year net sales decreased 22.3% to $2B.
- Full year gross profit margin decreased by 740 basis points to 24.0%.
- Net income for the full year fell 63.5% to $146.7M.
- Adjusted EBITDA for the full year decreased 55.0% to $245.3M.
- SG&A expenses increased 3.4% to $310.6M for the full year.
- Cash and cash equivalents decreased by $252.4M due to acquisitions.
Insights
Skyline Champion Corporation reported a mixed set of financial results for the fourth quarter and full fiscal year 2024, exhibiting both positive and negative indicators. Specifically, net sales increased by
The decline in gross profit margin by 1,040 basis points in Q4 is concerning, primarily due to a
While net income dropped significantly by
The announcement of a
Overall, the financial performance for fiscal 2024 reflects a period of transition with a balance of strategic investments against operational and market challenges. Investors should watch for improvements in profit margins and the impact of the share repurchase program on stock valuation moving forward.
Skyline Champion's financial results indicate a complex interplay between market conditions and corporate strategy. The increase in U.S. homes sold by 15.3% highlights strong demand in the domestic market, despite a slight decrease in ASP by 3.1%. This pricing adjustment could be a strategic move to stimulate volume sales amidst a competitive landscape and fluctuating raw material costs.
The contraction in gross profit margin is partially due to a
The company’s backlog increase of 8.7% to
Notably, the share repurchase program reveals a focus on shareholder value. This move could attract investors looking for capital returns, although the effectiveness of this strategy will depend on future earnings stability and cash flow generation.
Looking ahead, Skyline Champion's ability to navigate regional variability and market headwinds will be critical. The integration of strategic investments and production efficiencies will be key areas to monitor for future growth and profitability.
Fourth Quarter Fiscal 2024 Highlights (compared to Fourth Quarter Fiscal 2023)1
-
Net sales increased
9.1% to$536.4 million -
U.S. homes sold increased15.3% to 5,652 -
Total backlog increased
8.7% to$315.8 million -
Average selling price (“ASP”) per
U.S. home sold decreased3.1% to$89,800 -
Gross profit margin contracted by 1,040 basis points to
18.3% -
Recorded
$34.5 million -
Adjusted gross profit margin contracted by 390 basis points to
24.8% -
Net income of
$2.8 million -
Adjusted net income decreased
37.7% to$36.0 million -
Adjusted Earnings per share (“Adjusted EPS”) decreased
38.6% to$0.62 -
Adjusted EBITDA decreased
30.2% to$53.1 million -
Adjusted EBITDA margin contracted by 560 basis points to
9.9%
1. This release includes references to non-GAAP financial measures. Refer to “Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures.
Full Year Fiscal 2024 Highlights (compared to Full Year Fiscal 2023)
-
Net sales decreased
22.3% to$2.0 billion -
Gross profit margin contracted by 740 basis points to
24.0% -
Earnings per share (“EPS”) decreased
63.9% to$2.53 -
Adjusted EBITDA decreased
55.0% to$245.3 million -
Adjusted EBITDA margin contracted by 880 basis points to
12.1% -
Net cash generated by operating activities of
$222.7 million
“Fiscal 2024 was a transformative year for our organization, marked by strategic investments and expanding our market presence," said Mark Yost, Skyline Champion’s President and Chief Executive Officer. "Despite facing some significant market headwinds, including the prolonged destocking by our channel partners and considerable regional variability, we made substantial progress. We initiated the integration of our strategic investments, which broaden our retail and financing capabilities. We also took decisive actions to address production efficiencies while serving the expanding builder developer demand. As we move into fiscal 2025, we are better equipped with enhanced capabilities to capitalize on growth opportunities and deliver increased value to our customers and shareholders.”
Fourth Quarter Fiscal 2024 Results
Net sales for the fourth quarter fiscal 2024 increased
Gross profit decreased by
Selling, general, and administrative expenses (“SG&A”) in the fourth quarter fiscal 2024 increased to
Net income decreased by
Adjusted EBITDA for the fourth quarter fiscal 2024 decreased by
Full Year Fiscal 2024 Financial Highlights
For fiscal 2024, net sales were
Gross profit decreased
SG&A increased
Net income for fiscal 2024 was
Adjusted EBITDA for fiscal 2024 decreased
As of March 30, 2024, Skyline Champion had
Share Repurchase Program
On May 16, 2024, Skyline Champion’s Board of Directors approved a new share repurchase program for up to
“We are excited to launch our inaugural share repurchase program, underscoring our dedication to enhancing shareholder value through our robust financial position,” said Mark Yost. “This initiative allows us to distribute capital to our shareholders, while continuing to prioritize the financial health of the organization and supporting ongoing investments and strategic growth opportunities. This balanced capital allocation strategy affirms our commitment to both returning capital to shareholders and fueling our future expansion.”
Conference Call and Webcast Information:
Skyline Champion management will host a conference call tomorrow, May 22, 2024, at 9:00 a.m. Eastern Time, to discuss Skyline Champion’s financial results and an update on current operations.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of Skyline Champion’s website at skylinechampion.com. The online replay will be available on the same website immediately following the call.
The conference call can also be accessed by dialing (877) 407-4018 (domestic) or (201) 689-8471 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13745547. The replay will be available until 11:59 P.M. Eastern Time on June 5, 2024.
About Skyline Champion Corporation:
Skyline Champion Corporation (NYSE: SKY) is a leading producer of factory-built housing in
In addition to its core home building business, Skyline Champion provides construction services to install and set-up factory-built homes, operates a factory-direct retail business with 74 retail locations across
Skyline Champion builds homes under some of the most well-known brand names in the factory-built housing industry including Skyline Homes, Champion Homes, Genesis Homes, Regional Homes, Athens Park, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, All American Homes,
Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with
Skyline Champion defines Adjusted Gross Profit as gross profit or loss plus expenses or minus income for charges related to the remediation of the water intrusion product liability. Adjusted Gross Profit Margin is calculated as Adjusted Gross Profit as a percentage of net sales. Adjusted Gross Profit and Adjusted Gross Profit Margin are not a measure of earnings calculated in accordance with
Skyline Champion defines Adjusted EBITDA as net income or loss plus expenses or minus income, (a) the provision for income taxes, (b) interest income or expense, net, (c) depreciation and amortization, (d) gain or loss from discontinued operations, (e) non-cash restructuring charges and impairment of assets, (f) equity in net earnings or losses of affiliates, (g) charges related to the remediation of the water intrusion product liability, and (h) other non-operating income or expense including but not limited to those costs for the acquisition and integration or disposition of businesses and idle facilities. Adjusted EBITDA is not a measure of earnings calculated in accordance with
Skyline Champion defines Adjusted EPS as net income or loss plus expenses or minus income (net of tax), (a) gain or loss from discontinued operations, (b) non-cash restructuring charges and impairment of assets, (c) equity in net earnings or losses of affiliates, (d) charges related to the remediation of estimated water intrusion product liability, and (e) other non-operating income or expense including but not limited to those costs for the acquisition and integration or disposition of businesses and idle facilities. Adjusted EPS is not a measure of earnings calculated in accordance with
Forward-Looking Statements
Statements in this press release, including certain statements regarding Skyline Champion’s strategic initiatives, and future market demand are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of words such as "believe," "expect," "future," "anticipate," "intend," "plan," "foresee," "may," "could," "should," "will," "potential," "continue," or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Skyline Champion. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include regional, national and international economic, financial, public health and labor conditions, and the following: supply-related issues, including prices and availability of materials; labor-related issues; inflationary pressures in the North American economy; the cyclicality and seasonality of the housing industry and its sensitivity to changes in general economic or other business conditions; demand fluctuations in the housing industry, including as a result of actual or anticipated increases in homeowner borrowing rates; the possible unavailability of additional capital when needed; competition and competitive pressures; changes in consumer preferences for our products or our failure to gauge those preferences; quality problems, including the quality of parts sourced from suppliers and related liability and reputational issues; data security breaches, cybersecurity attacks, and other information technology disruptions; the potential disruption of operations caused by the conversion to new information systems; the extensive regulation affecting the production and sale of factory-built housing and the effects of possible changes in laws with which we must comply; the potential impact of natural disasters on sales and raw material costs; the risks associated with mergers and acquisitions, including integration of operations and information systems; periodic inventory adjustments by, and changes to relationships with, independent retailers; changes in interest and foreign exchange rates; insurance coverage and cost issues; the possibility that all or part of our intangible assets, including goodwill, might become impaired; the possibility that all or part of our investment in ECN Capital Corp. ("ECN") might become impaired; the possibility that our risk management practices may leave us exposed to unidentified or unanticipated risks; the potential disruption to our business caused by public health issues, such as an epidemic or pandemic, and resulting government actions; and other risks set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section, and other sections, as applicable, in our Annual Reports on Form 10-K, including our Annual Report on Form 10-K for the fiscal year ended April 1, 2023 previously filed with the Securities and Exchange Commission (“SEC”), as well as in our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with or furnished to the SEC.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, then the developments and future events concerning Skyline Champion set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. Skyline Champion assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
SKYLINE CHAMPION CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, dollars and shares in thousands) |
||||||||
|
|
March 30,
|
|
|
April 1,
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
495,063 |
|
|
$ |
747,453 |
|
Trade accounts receivable, net |
|
|
64,632 |
|
|
|
67,296 |
|
Inventories, net |
|
|
318,737 |
|
|
|
202,238 |
|
Other current assets |
|
|
39,870 |
|
|
|
26,479 |
|
Total current assets |
|
|
918,302 |
|
|
|
1,043,466 |
|
Long-term assets: |
|
|
|
|
|
|
||
Property, plant, and equipment, net |
|
|
290,930 |
|
|
|
177,125 |
|
Goodwill |
|
|
357,973 |
|
|
|
196,574 |
|
Amortizable intangible assets, net |
|
|
76,369 |
|
|
|
45,343 |
|
Deferred tax assets |
|
|
26,878 |
|
|
|
17,422 |
|
Other noncurrent assets |
|
|
252,889 |
|
|
|
82,794 |
|
Total assets |
|
$ |
1,923,341 |
|
|
$ |
1,562,724 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Floor plan payable |
|
$ |
91,286 |
|
|
$ |
- |
|
Accounts payable |
|
|
50,820 |
|
|
|
44,702 |
|
Other current liabilities |
|
|
247,495 |
|
|
|
204,215 |
|
Total current liabilities |
|
|
389,601 |
|
|
|
248,917 |
|
Long-term liabilities: |
|
|
|
|
|
|
||
Long-term debt |
|
|
24,669 |
|
|
|
12,430 |
|
Deferred tax liabilities |
|
|
6,905 |
|
|
|
5,964 |
|
Other liabilities |
|
|
79,796 |
|
|
|
62,412 |
|
Total long-term liabilities |
|
|
111,370 |
|
|
|
80,806 |
|
|
|
|
|
|
|
|
||
Stockholders' Equity: |
|
|
|
|
|
|
||
Common stock |
|
|
1,605 |
|
|
|
1,585 |
|
Additional paid-in capital |
|
|
568,203 |
|
|
|
519,479 |
|
Retained earnings |
|
|
866,485 |
|
|
|
725,672 |
|
Accumulated other comprehensive loss |
|
|
(13,923 |
) |
|
|
(13,735 |
) |
Total stockholders’ equity |
|
|
1,422,370 |
|
|
|
1,233,001 |
|
Total liabilities and stockholders' equity |
|
$ |
1,923,341 |
|
|
$ |
1,562,724 |
|
SKYLINE CHAMPION CORPORATION CONSOLIDATED INCOME STATEMENTS (Unaudited, dollars and shares in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
March 30,
|
|
|
April 1,
|
|
|
March 30,
|
|
|
April 1,
|
|
||||
|
|
|
|
|
|
|
||||||||||
Net sales |
|
$ |
536,363 |
|
|
$ |
491,532 |
|
|
$ |
2,024,823 |
|
|
$ |
2,606,560 |
|
Cost of sales |
|
|
438,003 |
|
|
|
350,381 |
|
|
|
1,539,029 |
|
|
|
1,787,879 |
|
Gross profit |
|
|
98,360 |
|
|
|
141,151 |
|
|
|
485,794 |
|
|
|
818,681 |
|
Selling, general, and administrative expenses |
|
|
90,605 |
|
|
|
72,380 |
|
|
|
310,589 |
|
|
|
300,396 |
|
Operating income |
|
|
7,755 |
|
|
|
68,771 |
|
|
|
175,205 |
|
|
|
518,285 |
|
Interest (income), net |
|
|
(4,164 |
) |
|
|
(7,684 |
) |
|
|
(28,254 |
) |
|
|
(14,977 |
) |
Other (income) expense |
|
|
(217 |
) |
|
|
— |
|
|
|
2,604 |
|
|
|
(634 |
) |
Income before income taxes |
|
|
12,136 |
|
|
|
76,455 |
|
|
|
200,855 |
|
|
|
533,896 |
|
Income tax expense |
|
|
2,325 |
|
|
|
18,709 |
|
|
|
47,136 |
|
|
|
132,094 |
|
Net income before equity in net loss of affiliate |
|
|
9,811 |
|
|
|
57,746 |
|
|
|
153,719 |
|
|
|
401,802 |
|
Equity in net loss of affiliate |
|
|
7,023 |
|
|
|
— |
|
|
|
7,023 |
|
|
|
— |
|
Net income |
|
$ |
2,788 |
|
|
$ |
57,746 |
|
|
$ |
146,696 |
|
|
$ |
401,802 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.05 |
|
|
$ |
1.01 |
|
|
$ |
2.55 |
|
|
$ |
7.05 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
1.00 |
|
|
$ |
2.53 |
|
|
$ |
7.00 |
|
SKYLINE CHAMPION CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, dollars in thousand) |
||||||||
|
|
Year Ended |
|
|||||
|
|
March 30,
|
|
|
April 1,
|
|
||
|
|
|
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
146,696 |
|
|
$ |
401,802 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
34,910 |
|
|
|
26,726 |
|
Equity-based compensation |
|
|
19,560 |
|
|
|
14,160 |
|
Deferred taxes |
|
|
(6,448 |
) |
|
|
1,127 |
|
Amortization of deferred financing fees |
|
|
348 |
|
|
|
357 |
|
Loss (gain) on disposal of property, plant, and equipment |
|
|
205 |
|
|
|
(129 |
) |
Foreign currency transaction loss |
|
|
297 |
|
|
|
828 |
|
Equity in net loss of affiliate |
|
|
7,023 |
|
|
|
— |
|
Change in assets and liabilities, net of businesses acquired: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
18,910 |
|
|
|
23,090 |
|
Floor plan receivables |
|
|
(15,391 |
) |
|
|
— |
|
Inventories |
|
|
22,424 |
|
|
|
49,196 |
|
Other assets |
|
|
(14,579 |
) |
|
|
(11,930 |
) |
Accounts payable |
|
|
(7,950 |
) |
|
|
(49,082 |
) |
Accrued expenses and other current liabilities |
|
|
16,699 |
|
|
|
(39,920 |
) |
Net cash provided by operating activities |
|
|
222,704 |
|
|
|
416,225 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Additions to property, plant, and equipment |
|
|
(52,915 |
) |
|
|
(52,244 |
) |
Cash paid for acquisitions, net of cash acquired |
|
|
(283,189 |
) |
|
|
(6,810 |
) |
Cash paid for equity method investment |
|
|
(4,100 |
) |
|
|
(2,500 |
) |
Cash paid for investment in ECN common stock |
|
|
(78,858 |
) |
|
|
— |
|
Cash paid for investment in ECN preferred stock |
|
|
(64,520 |
) |
|
|
— |
|
Investment in floor plan loans |
|
|
(18,466 |
) |
|
|
— |
|
Proceeds from floor plan loans |
|
|
15,721 |
|
|
|
— |
|
Proceeds from disposal of property, plant, and equipment |
|
|
649 |
|
|
|
375 |
|
Net cash used in investing activities |
|
|
(485,678 |
) |
|
|
(61,179 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Changes in floor plan financing, net |
|
|
15,368 |
|
|
|
(35,460 |
) |
Payments on long term debt |
|
|
(77 |
) |
|
|
— |
|
Stock option exercises |
|
|
1,456 |
|
|
|
2,473 |
|
Tax payments for equity-based compensation |
|
|
(5,883 |
) |
|
|
(4,032 |
) |
Net cash provided by (used in) financing activities |
|
|
10,864 |
|
|
|
(37,019 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
(280 |
) |
|
|
(5,987 |
) |
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(252,390 |
) |
|
|
312,040 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
747,453 |
|
|
|
435,413 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
495,063 |
|
|
$ |
747,453 |
|
SKYLINE CHAMPION CORPORATION RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Unaudited, dollars in thousand) |
||||||||||||||||
|
|
Three months ended |
Twelve Months Ended |
|
||||||||||||
|
|
March 30,
|
|
|
April 1,
|
|
|
March 30,
|
|
|
April 1,
|
|
||||
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
2,788 |
|
|
$ |
57,746 |
|
|
$ |
146,696 |
|
|
$ |
401,802 |
|
Income tax expense |
|
|
2,325 |
|
|
|
18,709 |
|
|
|
47,136 |
|
|
|
132,094 |
|
Interest (income), net |
|
|
(4,164 |
) |
|
|
(7,684 |
) |
|
|
(28,254 |
) |
|
|
(14,977 |
) |
Depreciation and amortization |
|
|
10,893 |
|
|
|
7,386 |
|
|
|
34,910 |
|
|
|
26,726 |
|
EBITDA |
|
|
11,842 |
|
|
|
76,157 |
|
|
|
200,488 |
|
|
|
545,645 |
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
3,253 |
|
|
|
338 |
|
Equity in net loss of affiliate |
|
|
7,023 |
|
|
|
— |
|
|
|
7,023 |
|
|
|
— |
|
Product liability - water intrusion |
|
|
34,500 |
|
|
|
— |
|
|
|
34,500 |
|
|
|
— |
|
Other (income) |
|
|
(217 |
) |
|
|
— |
|
|
|
— |
|
|
|
(972 |
) |
Adjusted EBITDA |
|
$ |
53,148 |
|
|
$ |
76,157 |
|
|
$ |
245,264 |
|
|
$ |
545,011 |
|
SKYLINE CHAMPION CORPORATION RECONCILIATION OF NET INCOME TO ADJUSTED EARNINGS PER SHARE (Unaudited, dollars and shares in thousands, except per share amounts) (Certain amounts shown net of tax, as applicable) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
March 30,
|
|
|
April 1,
|
|
|
March 30,
|
|
|
April 1,
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
2,788 |
|
|
$ |
57,746 |
|
|
$ |
146,696 |
|
|
$ |
401,802 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
2,489 |
|
|
|
255 |
|
Equity in net loss of affiliate |
|
|
7,023 |
|
|
|
— |
|
|
|
7,023 |
|
|
|
— |
|
Product liability - water intrusion |
|
|
26,393 |
|
|
|
— |
|
|
|
26,393 |
|
|
|
— |
|
Other (income) |
|
|
(217 |
) |
|
|
— |
|
|
|
— |
|
|
|
(732 |
) |
Adjusted net income attributable to the
|
|
$ |
35,987 |
|
|
$ |
57,746 |
|
|
$ |
182,601 |
|
|
$ |
401,325 |
|
Adjusted basic net income per share |
|
$ |
0.62 |
|
|
$ |
1.01 |
|
|
$ |
3.18 |
|
|
$ |
7.04 |
|
Adjusted diluted net income per share |
|
$ |
0.62 |
|
|
$ |
1.01 |
|
|
$ |
3.15 |
|
|
$ |
6.99 |
|
Average basic shares outstanding |
|
|
57,835 |
|
|
|
57,109 |
|
|
|
57,492 |
|
|
|
56,987 |
|
Average diluted shares outstanding |
|
|
58,342 |
|
|
|
57,250 |
|
|
|
57,978 |
|
|
|
57,395 |
|
SKYLINE CHAMPION CORPORATION RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT (Unaudited, dollars in thousand) |
||||||||||||||||
|
|
Three months ended |
Twelve Months Ended |
|||||||||||||
|
|
March 30,
|
|
|
April 1,
|
|
|
March 30,
|
|
|
April 1,
|
|
||||
Reconciliation of Adjusted Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
$ |
98,360 |
|
|
$ |
141,151 |
|
|
$ |
485,794 |
|
|
$ |
818,681 |
|
Product liability - water intrusion |
|
|
34,500 |
|
|
|
— |
|
|
|
34,500 |
|
|
|
— |
|
Adjusted Gross Profit |
|
$ |
132,860 |
|
|
$ |
141,151 |
|
|
$ |
520,294 |
|
|
$ |
818,681 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240521225126/en/
Investor contact information:
Name: Kevin Doherty
Email: investorrelations@championhomes.com
Phone: (248) 614-8211
Source: Skyline Champion Corporation
FAQ
What were Skyline Champion's Q4 fiscal 2024 net sales?
How many U.S. homes did Skyline Champion sell in Q4 fiscal 2024?
What was the impact of the $34.5M remediation costs on Skyline Champion's gross profit margin?
What is Skyline Champion's new share repurchase program?
How did Skyline Champion's full-year fiscal 2024 net sales compare to the previous year?
What was Skyline Champion's adjusted EPS for Q4 fiscal 2024?
What was Skyline Champion's full-year fiscal 2024 net income?
How did Skyline Champion's SG&A expenses change in fiscal 2024?
