Champion Homes Q1 Profit Down

(RTTNews) - Champion Homes, Inc., formerly known as Skyline Champion Corporation (SKY), Tuesday reported first-quarter net income of $45.8 million or $0.79 per share, down from $51.3 million or $0.89 per share last year.

The decrease in net income was driven by lower gross margin as a percentage of sales and higher SG&A expenses for the quarter.

Net sales for the first quarter increased 35.1% to $627.8 million compared to $464.77 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.74 per share and revenues of $601.25 million for the quarter.