Skyline Champion Q1 Profit Down; But Stock Up

(RTTNews) - Skyline Champion Corp. (SKY) reported that its net income for the first quarter fiscal 2021 declined to $11.9 million or $0.21 per share, from last year's $17.4 million or $0.31 per share hurt by the decline in sales and gross profit, which was partially offset by the reductions in SG&A.

Adjusted earnings per share decreased to $0.22 from $0.35 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share. Analysts' estimates typically exclude special items. Net sales for the first quarter fiscal 2021 decreased 26.5% to $273.3 million from the prior year. Analysts expected revenue of $293.61 million for the quarter.

The number of U.S. factory-built homes sold in the first quarter fiscal 2021 decreased 26.1% to 4,028 compared to the prior year first quarter, as a result of reduced demand and production levels resulting from the initial reaction and response to COVID-19.

SKY closed Wednesday regular trading at $26.41 up $0.79 or 3.08 percent. In the after-hours trading, the stock further gained $2.15 or 8.14 percent.