Skyline Corp. Swings to Profit
Elkhart-based Skyline Corp. is reporting fiscal second quarter net income of $2.96 million, compared with a net loss of $595,000 during the same period last year. The results come a week after the company announced a merger with Michigan-based Champion Enterprises Holdings LLC.
Despite the turn to profit, Skyline says net sales in the quarter fell 10 percent compared to the same quarter in 2016. The decrease, according to the company, is mainly due the closure of its manufactured housing facilities in Elkhart and Texas, which contributed to the higher sales the previous year.
The merger of Skyline and Champion Enterprises is expected to close in the first half of 2018. If approved, the deal would create one company, to be known as Skyline Champion Corp., which would be traded on the New York Stock Exchange under the ticker symbol "SKY."
You can connect to Skyline's full fiscal second quarter earnings report by clicking here.