Skyline Corporation (NYSE: SKY) reported Q3 EPS of $0.38, $0.14 better than the analyst estimate of $0.24. Revenue for the quarter came in at $377.6 million versus the consensus estimate of $348.24 million.

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

• Net sales increased 10.3% to $377.6 million
• U.S. factory-built homes sold increased 6.2% to 5,343
• Total backlog increased 267.1% to $488.5 million
• Average selling price (“ASP”) per U.S. home sold increased 4.0% to $63,000
• Gross profit margin declined by 110 basis points to 19.0%
• Net income increased by 26.8% to $21.6 million
• Earnings per share (“EPS”) increased to $0.38 from $0.30
• Excluding non-recurring expenses, Adjusted EPS increased to $0.38 from $0.32
• Adjusted EBITDA increased 7.8% to $32.1 million
• Adjusted EBITDA margin decreased by 20 basis points to 8.5%
• Net cash provided by operating activities increased by 91.1% to $40.0 million

“I am impressed with the team’s ability to increase production in this unpredictable operating environment, while balancing enhanced safety protocols in our facilities,” said Mark Yost, Skyline Champion’s President and Chief Executive Officer. “We generated double digit net sales growth and delivered strong financial performance during the quarter despite headwinds from rapidly increasing material costs. With the strong long term housing outlook magnified by our investment to enhance online design and quoting solutions, we are focused on increasing capacity utilization and automation to take care of our customers.”

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