Wed, May 29, 1:39 PM (145 days ago)
Skyline Champion Corporation's annual report details a fiscal year ending March 30, 2024, with net sales of $2.0 billion, down 22.3% from the previous year. The U.S. Factory-built Housing segment saw a 21.8% sales decline due to lower demand and production, while Canadian sales dropped 24.4%. Gross profit fell to $485.8 million (24.0% of sales) from $818.7 million (31.4%) due to lower sales volume, product mix changes, and a $34.5 million charge for water intrusion remediation. SG&A expenses increased by $10.2 million to $310.6 million, driven by the Regional Homes acquisition. Adjusted EBITDA decreased by 55.0% to $245.3 million. The company maintained a strong liquidity position with $495.1 million in cash and no outstanding borrowings under its $200 million credit facility. Future outlook includes leveraging acquisitions like Regional Homes and investments in ECN to enhance market share and financing solutions. Key risks involve raw material costs, economic conditions, and regulatory changes.