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Did Champion Homes beat or miss consensus estimates last quarter?

What were the key takeaways from Champion Homes's earnings call?

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What were the key takeaways from Champion Homes’s earnings call?

- **Strategic Momentum**: 6th consecutive year as top trusted homebuilder, $185K Emerald Sky home targets affordability gap.
- **Q3 Results**: Revenue $657M (+2% YoY), ASP +5%, backlog down 15% to $266M.
- **Margins Under Pressure**: Gross margin 26.2% (-190bps YoY), EBITDA margin 11.4% (-150bps YoY).
- **Q4 Outlook**: Revenue +low single digits YoY, gross margin 25-26%.
- **Legislative Tailwind**: Bipartisan support for off-site built homes, HUD engagement to accelerate adoption.

**【CEO Opening Remarks】**
- Introduced new CFO, Dave McKinstray, and thanked retiring CFO Laurie Hough for 20 years of service.
- Highlighted strategic priorities: product innovation, legislative advocacy, and channel execution.
- Announced Skyline Homes as America's most trusted manufactured homebuilder for the 6th consecutive year.
- Launched Emerald Sky home priced at $185,000, targeting broader market affordability.
- Discussed legislative progress on housing bills, emphasizing bipartisan support for off-site built homes.

**【CEO Financial Summary】**
- Q3 net sales: $657M (+2% YoY), homes sold: 6,485 (-2% YoY) due to prior year weather benefits.
- ASP increased 5% to $99,300 driven by captive retail sales and multi-section homes.
- Manufacturing backlog decreased 15% to $266M, lead time improved to 7 weeks.
- Community channel sales down YoY but positive feedback on new products post-Louisville Home Show.
- Builder developer channel growth with Blythe Village project launch.

**【CFO Financial Commentary】**
- Gross profit: $172M (-5% YoY), gross margin 26.2% (down 190bps YoY) due to higher material costs and lower volumes.
- Adjusted EBITDA: $75M (-10% YoY), margin 11.4% (down 150bps YoY).
- Q4 guidance: Revenue up low single digits YoY, gross margin 25-26%.
- $50M share buybacks in Q3, refreshed $150M repurchase authority.
- $660M cash on hand, $100M operating cash flow.

**【Q&A Highlights】**
- **Volume Performance**: Q3 volumes outperformed industry (-low double digits) due to captive retail execution and digital investments.
- **Community Channel**: Inventory managed cautiously, positive feedback on new products but cautious demand.
- **Gross Margin**: Q4 pressure from captive retail inventory build, long-term margin stability expected.
- **Legislation**: Bipartisan support for housing bills, HUD engagement to accelerate off-site built adoption.
- **Tariffs**: Q3 impact below 1%, ongoing management of supply chain costs.
- **Spring Selling Season**: Backlog trends positive, focused on new product launches and dealer engagement.

Champion Homes, Inc. (SKY) Q3 2026 Earnings Call Transcript

- **Revenue Beat Expectations**: 11% YoY growth to $684M, driven by captive retail (37% of sales) and multi-section homes. ASP rose 7% due to product mix.
- **Gross Margin Expansion**: 27.5% margin (up 50bps) from captive sales and lower material costs. Sequential ASP growth 4%.
- **Legislative Momentum**: ROAD to Housing Act passed Senate, with potential $15K chassis cost savings. Syracuse pilot achieved homes under $250K in 6 months.
- **Regional Strength**: Northeast/Southeast outperformed West, with builder channel pipeline growth offsetting community softness.
- **Cash Return**: $50M buybacks and $150M repurchase authority, with $619M cash on hand.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net sales increased 11% to $684 million, driven by captive retail sales (including Iseman Homes acquisition) and a 7% rise in average selling price (ASP) due to multi-section home mix. Homes sold rose 4% to 6,771 units.
- **Strategic Priorities**: Introduced new home designs for affordability, with a pilot project in Syracuse achieving homes under $250,000 in 6 months. Advocated for off-site construction through the ROAD to Housing Act, which passed the Senate.
- **Backlog Management**: Manufacturing backlog grew 4% sequentially to $313 million, with 8-week lead times. Community channel sales were down due to cautious consumer sentiment, while builder developer channel sales grew with new customers.

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: Gross profit rose 13% to $188 million, with a 50 basis point increase in margin to 27.5%, driven by captive retail sales and lower material costs. Sequential ASP growth of 4% reflected product mix shifts.
- **Cost Management**: SG&A expenses increased $13 million due to variable compensation and plant closures, partially offset by a $3.7 million gain from selling idle facilities. Effective tax rate rose to 23.6% due to reduced tax credits.
- **Liquidity**: Generated $76 million in operating cash flow, with $619 million in cash. Returned $50 million to shareholders via buybacks and renewed $150 million repurchase authority.

**【Q&A Highlights】**
- **Channel Performance**: Builder developer channel pipeline growth offset community channel softness. Captive retail sales accounted for 37% of Q2 revenue (vs. 34% last year). ASP growth was mix-driven, with multi-section homes outselling single-section units.
- **Legislative Impact**: The ROAD to Housing Act could reduce chassis costs by $15,000, aiding affordability. HUD implementation timing will determine broader industry benefits.
- **Regional Trends**: Northeast and Southeast markets outperformed the West, driven by new product launches and retail channel strength. Community channel moderation expected in Q3 due to hurricanes in North Carolina and Florida.
- **Tariffs and Costs**: Q2 tariffs were half the expected 1% of material costs, but third-quarter impacts are expected to align with prior estimates. Canadian lumber tariffs added 10% to costs.


Champion Homes, Inc. (SKY) Q2 2026 Earnings Call Transcript

- **Q1 Revenue Beat**: $701M (+12% YoY), homes sold up 8%, driven by captive retail ASP growth.
- **Gross Margin Expansion**: 26.2% (+90bps) from cost control and new product pricing.
- **Strategic Investments**: $50M share buybacks, new credit facility for growth initiatives.
- **Q2 Outlook**: Flat to +1% revenue growth, cautious on community channel but optimistic on new buyer trends.
- **Tariff Mitigation**: 1% cost impact managed via sourcing and pricing, minimal near-term risk.

**【CEO Strategic Updates】**
- **New Executive Hires**: Mary Fedewa (Board member) and Alan Robertson (CHRO) to enhance team performance and HR leadership.
- **Product Innovation**: Launch of HUD Code and modular homes, featured on Designing Spaces, targeting new buyers.
- **Regulatory Progress**: Bipartisan support for Manufactured Housing for America Act, advancing off-site construction adoption.

**【CEO Q1 Performance】**
- **Revenue Growth**: Net sales $701M (+12% YoY), homes sold 7,215 (+8% YoY).
- **Channel Strength**: Captive retail ASPs up, community channel driven by new products, builder developer pipeline expansion.
- **Backlog Management**: $302M manufacturing backlog (12% sequential decline), 7-week lead time within target range.

**【CEO Q2 Outlook】**
- **Revenue Guidance**: Flat to low single-digit YoY growth due to cautious consumer sentiment.
- **Cost Management**: Proactive plant utilization and tariff navigation, fixed cost reviews.
- **Customer Focus**: 1st-time homebuyers and manufactured housing newcomers, 40% of sales in Q1.

**【CFO Financial Highlights】**
- **Top Line**: U.S. home volume +7% YoY, ASP +4% to $95K, Canada sales +50% homes sold.
- **Profitability**: Gross profit $190M (+16%), margin 26.2% (+90bps) from higher captive retail ASPs and lower material costs.
- **Liquidity**: $605M cash, $50M share buybacks, $150M repurchase authority renewed.

**【Q&A Key Themes】**
- **Market Dynamics**: Community channel moderation in Q2, but long-term growth potential with off-site construction.
- **Tariff Impact**: 1% of material costs, managed via alternative sourcing and pricing flexibility.
- **Inventory Strategy**: Captive retail working through inventory week-by-week, balanced product mix.
- **Pricing Strategy**: Market-specific adjustments to balance volume and margin in captive retail.

Champion Homes, Inc. (SKY) Q1 2026 Earnings Call Transcript

- **Record Fiscal 2025 Performance**: 26,000 homes sold (+19% YoY), revenue $2.5B (+23%). Q4 net sales $594M (+11% YoY), backlog $343M (+9% YoY).
- **Strategic Expansion**: Acquired Iseman Homes for $40M annualized revenue, targeting Plains region growth. Idled Florida factory, consolidated Canadian plants to cut costs.
- **Financial Strength**: Q4 net income $36M, EPS $0.63. Cash $610M, $20M share buybacks, $100M repurchase authority refreshed.
- **Near-Term Outlook**: Q1 2026 revenue low single-digit growth YoY, gross margin 25-26% due to consumer shift to smaller homes. Long-term margin target 26-27%.
- **Policy Catalysts**: Engaged with HUD on manufactured housing reforms, potential chassis rule change to enable 2-story homes and improve market access.

**【CEO Summary Section】**
- Fiscal 2025: 26,000 homes sold (+19% YoY), revenue $2.5B (+23%). Q4 net sales $594M (+11% YoY), homes sold 6,171 (+6% YoY). Backlog $343M (+9% YoY).
- Acquired Iseman Homes (10 retail centers, $40M annualized revenue) to expand retail footprint in Plains region. Closing expected by end of Q1 2026.
- Community channel sales up YoY, but cautious on near-term demand. Q1 2026 revenue expected low single-digit growth YoY.
- Navigating tariffs and inflation with selective price adjustments, material sourcing, and cost control. Idled Florida factory, consolidated Canadian factories to improve efficiency.
- Engaged with HUD on manufactured housing policy reforms, including potential removal of permanent chassis requirement.

**【CFO Financial Commentary】**
- Q4 2025: Net income $36M (+$33M YoY), EPS $0.63 (+$0.58 YoY). Adjusted EBITDA $53M (flat YoY), margin 8.9% (down 100bps YoY due to higher SG&A).
- Gross profit $152M (+55% YoY), margin 25.6% (up 740bps YoY due to product liability reserve reversal and captive retail sales mix).
- Sequential Q4-Q3 2025: Revenue down 8% (seasonality, weather), gross margin down due to higher material costs and lower capacity utilization.
- Near-term gross margin guided to 25-26% due to consumer shift to smaller, lower-option homes and inflation.
- Cash $610M, share buybacks $20M Q4, $100M repurchase authority refreshed.

**【Q&A Highlights】**
- **Order Rates & Geography**: Mixed spring demand, digital leads up but in-store traffic variable by region. Florida soft, Plains region strong. Community channel 28% of units but cautious on near-term pace.
- **SG&A**: Q4 increase due to marketing, tech investments, and industry shows. Temporary cost pressures expected to ease in 2026.
- **Gross Margin**: 25-26% near-term due to consumer trends; long-term target 26-27% as mix shifts to captive retail and policy reforms enable product innovation.
- **Iseman Acquisition**: $40M revenue opportunity, accretive over time via synergies and market expansion. Integration to focus on digital tools and consumer financing programs.
- **Tariffs & Inflation**: Actively managing costs, no significant tariff impact yet, but monitoring for potential price adjustments.
- **HUD Policy**: Encouraged by HUD engagement, potential chassis rule change could enable 2-story homes and improve curb appeal for off-site build homes.

Skyline Champion (SKY)-27 May 25-2025 Q4 Earnings call transcript

- **Revenue Growth**: Q3 net sales +15.3% to $645M, homes sold +13% to 6,646 units, ASP +2.8%.
- **Gross Margin Expansion**: 28.1% (vs 25.3% YoY), driven by captive retail mix and lower costs.
- **Q4 Outlook**: Low double-digit revenue growth, 26-27% gross margin normalization.
- **Tariff Strategy**: Playbook in place to balance price/volume/cost impacts.
- **Captive Retail**: 35% of U.S. sales, no channel conflict via digital enablement.
- **Disaster Recovery**: Actively pursuing FEMA orders for California wildfires and Carolinas hurricanes.

**【CEO Summary Section】**
- Third-quarter net sales increased 15.3% year-over-year to $645 million, driven by 13% growth in homes sold (6,646 units) and a 2.8% rise in average selling price (ASP) due to captive retail sales mix.
- Backlog ended Q3 at $313 million (+8% YoY), with 10 weeks of inventory (4-12 week norm), reflecting seasonal slowdown.
- Key channel performance: 
  - Independent retailers saw sales growth enabled by digital tools and new products.
  - Captive retail (Regional Homes) contributed 35% of U.S. sales, with organic growth and accretive M&A.
  - Builder developers saw project pipeline expansion, with positive feedback on new home designs.
- Q4 2025 revenue expected to grow low double-digits YoY, supported by strong Louisville Show response and spring selling season.
- Long-term focus on affordable housing demand, strategic capital deployment, and customer-centric innovation.

**【CFO Financial Commentary】**
- Gross profit rose 28% to $181 million, with margin expanding 280bps to 28.1% due to captive retail ASP growth, lower input costs, and acquisition synergies.
- SG&A increased $23 million (+24% YoY) to $108 million, driven by variable costs, captive retail investments, and technology upgrades.
- Net income climbed 31% to $62 million ($1.06 EPS), with adjusted EBITDA up 26% to $83 million (12.9% margin).
- Q4 2025 gross margin expected to normalize to 26-27%, reflecting forest product cost normalization and channel mix dynamics.
- Cash position of $582 million supported $20 million share buybacks, with $100 million repurchase authority replenished.

**【Q&A Highlights】**
1. **Order Trends & Outlook**
- Q3 orders slowed seasonally, but Q4 guidance (+low double-digits YoY) reflects strong retail traffic and Louisville Show response.
- 2026 outlook cautious on broader housing market, but optimistic on MH category growth driven by price-value proposition.

2. **Tariff & Input Cost Management**
- Playbook from COVID experience enables balanced approach to tariff impacts (Mexico/Canada/China) through price/volume/cost tradeoffs.
- 35% of SG&A variable, aligning with revenue growth; ongoing tech/people investments to support growth.

3. **Captive Retail Expansion**
- 35% of U.S. sales through captive channels, with no channel conflict as digital tools support independents.
- No immediate plans to add idle plants (6/18 total), but watching market-specific demand signals.

4. **Disaster Recovery Opportunities**
- Actively engaging with FEMA for California wildfire rebuild, with capacity ready for Carolinas hurricane relief.
- Builder developer channel growth constrained by local zoning approvals, but proof points in project execution.


Actual								0.14	0.22	0.31	0.38	0.61	0.75	0.89	1.18	1.51	2.04	2.51	1.44	1	0.89	0.82	0.82	0.62	0.91	0.93	1.04	0.65	1.19	1.01	0.96
Forecast								0.205	0.0449	0.2333	0.2442	0.355	0.4867	0.6183	0.745	1.0034	1.5683	1.8162	0.9233	0.93	0.8833	0.7983	0.6433	0.6785	0.7183	0.7517	0.801	0.7608	0.8192	0.819	0.842
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-31.71%	+389.98%	+32.88%	+55.61%	+71.83%	+54.10%	+43.94%	+58.39%	+50.49%	+30.08%	+38.20%	+55.96%	+7.53%	+0.76%	+2.72%	+27.47%	-8.62%	+26.69%	+23.72%	+29.84%	-14.56%	+45.26%	+23.32%	+14.01%

SKY

SKY fundamentals

SKY Q3 2026 Earnings

Earnings Call

You can ask Aime

SKY

SKY fundamentals

SKY Q3 2026 Earnings

Earnings Call

SKY Earnings Call Summary for Q3/20268:00 AM on Feb 4, 2026

SKY Earnings Call Summary for Q2/20268:00 AM on Nov 5, 2025

SKY Earnings Call Summary for Q1/20268:00 AM on Aug 6, 2025

SKY Earnings Call Summary for Q4/20258:30 AM on May 27, 2025

SKY Earnings Call Summary for Q3/20258:00 AM on Feb 5, 2025

You can ask Aime