Skyline Corporation (NYSE: SKY) reported Q1 EPS of $0.22, $0.18 better than the analyst estimate of $0.04. Revenue for the quarter came in at $273.3 million versus the consensus estimate of $247.91 million.

First Quarter Fiscal 2021 Highlights (compared to First Quarter Fiscal 2020)

• Net sales decreased 26.5% to $273.3 million
• U.S. factory-built homes sold decreased 26.1% to 4,028
• Gross profit as a percent of sales declined by 60 basis points to 19.8%
• Net income decreased by 31.5% to $11.9 million
• Earnings per share (“EPS”) decreased to $0.21 from $0.31
• Excluding non-recurring expenses, Adjusted EPS decreased to $0.22 from $0.35
• Adjusted EBITDA decreased 29.7% to $22.5 million
• Adjusted EBITDA margin decreased by 40 basis points to 8.2%
• Net cash provided by operating activities improved by 20.3% to $32.2 million

“I am proud of the continued commitment that our team has demonstrated throughout this period as they work hard to execute our strategy and deliver homes to our customers. Our actions to manage costs and leverage our variable cost structure allowed us to generate strong margins, profitability, and cash flow despite the softening of demand and volume due to the impact of the pandemic on our operations,” said Mark Yost, Skyline Champion’s Chief Executive Officer. “We have seen strong order levels in recent weeks and are encouraged by the overall strength in housing demand. In addition, we continue to invest in our product and digital offerings that will drive more business for our partners. While uncertainty remains, we believe we are well positioned to manage through this environment and participate in the recovery as our production levels continue to ramp up and our team remains highly focused on serving our customers.”

For earnings history and earnings-related data on Skyline Corporation (SKY) click here.