Champion Homes (SKY) stock price surged 12.66% in the intraday trading session on Wednesday, outperforming the broader market, following the company's better-than-expected fourth-quarter results driven by higher U.S. home sales and stronger pricing.
The mobile and modular home manufacturer reported a 15.3% year-over-year increase in sales to $644.9 million for the quarter ended December 28th, exceeding analysts' estimates of $590.4 million. Homes sold rose 14.1% to 6,437 units, while the average selling price per U.S. home climbed 2.8% to $94,900.
The robust housing demand and pricing power enabled Champion Homes to expand its gross margin to 28.1%, contributing to a 30.9% growth in earnings per share. The company's CEO Tim Larson expressed confidence in the company's strategy, including investing in technology and product innovation, to adapt to the evolving housing environment and deliver sustained value to stakeholders.
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