Champion Homes, Inc. (formerly Skyline Champion Corporation) reported significant financial growth for the three and six months ended September 28, 2024, compared to the same periods in the previous fiscal year. Net sales for the three months reached $616.9 million, a 32.9% increase from $464.2 million in 2023. For the six months, net sales totaled $1.245 billion, up 34.0% from $929.0 million. The U.S. Factory-built Housing segment was a key driver, contributing $587.1 million in the latest quarter, a 37.1% increase from $428.1 million in the prior year.
Gross profit also saw substantial growth, rising to $166.3 million for the three months ended September 28, 2024, compared to $116.5 million in 2023, marking a 42.8% increase. For the six-month period, gross profit was $330.5 million, up from $246.2 million. Operating income for the three months was $66.7 million, an increase from $52.0 million, while for the six months, it rose to $122.1 million from $111.3 million.
Net income attributable to Champion Homes for the three months ended September 28, 2024, was $54.7 million, up from $45.7 million in 2023, reflecting a 19.8% increase. For the six months, net income was $100.5 million, compared to $96.9 million in the prior year. Basic net income per share for the latest quarter was $0.95, up from $0.80, while diluted earnings per share increased to $0.94 from $0.79.
The company’s total assets increased to $2.028 billion as of September 28, 2024, from $1.923 billion at the end of March 2024. Cash and cash equivalents rose to $570.2 million, up from $495.1 million. Total stockholders’ equity also increased to $1.492 billion from $1.422 billion.
Strategically, Champion Homes completed the acquisition of Regional Enterprises, LLC in October 2023 for $316.9 million, which added three manufacturing facilities and 44 retail sales centers. This acquisition is expected to enhance the company’s market position and operational capacity. The company also made a $137.8 million equity investment in ECN Capital Corporation, acquiring a significant stake to support its financing operations.
Despite the positive financial performance, selling, general, and administrative expenses rose significantly, totaling $99.7 million for the three months ended September 28, 2024, compared to $64.5 million in the prior year, primarily due to the acquisition and increased compensation expenses. The company reported a manufacturing backlog of $427.5 million, up from $257.8 million, indicating strong demand for its products.
About Skyline Champion Corp
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