Year-over-Year Sales Growth
Net sales increased 11% year-over-year to $684 million. Homes sold during the period increased by 4% to a total of 6,771 homes.
Strong Gross Margin and Earnings Growth
Consolidated gross profit increased 13% to $188 million, with gross margin expanding to 27.5%, an increase of 50 basis points from the prior year period. Net income attributable to Champion Homes increased by $3 million to $58 million.
Expansion in Retail Channels
Sales through the independent retail channel grew compared to the prior year. The acquisition of Iseman Homes contributed to increased captive retail sales and average selling price.
Legislative Support for Off-Site Built Homes
Champion Homes continues to advocate for the ROAD to Housing Act, which has passed the Senate and is on its way to the House. This legislation supports off-site built homes, potentially opening new market opportunities.
Strong Cash Position and Shareholder Returns
Champion Homes had $619 million in cash and cash equivalents, generating $76 million in operating cash flows. The company repurchased $50 million in shares, and the Board refreshed a $150 million share repurchase authority.