0001193125-26-445376
SEC filing营收增6.2%至$727.0M但净利下滑，材料成本通胀侵蚀利润率，回购与订单回暖支撑长期逻辑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $727.0M | $684.4M | +6.2% |
| Gross profit | $185.6M | $187.9M | — |
| Gross profit margin | 25.5% | — | — |
| Operating income | $65.8M | $74.8M | — |
| Net income attributable to Champion Homes, Inc. | $52.7M | $58.2M | — |
| Diluted EPS | $0.97 | $1.03 | — |
| Adjusted diluted EPS | $0.95 | $1.01 | — |
| Adjusted EBITDA | $76.6M | $83.4M | — |
| Adjusted EBITDA margin | 10.5% | — | — |
本季营收同比增长6.2%至$727.0M，美国房屋销量增2.3%至6,724套、ASP增4.1%至$102,700，量价齐升反映渠道与产品结构改善及价格实现提升；但材料成本通胀拖累毛利，Gross profit降至$185.6M、毛利率25.5%，Operating income与Net income分别回落至$65.8M和$52.7M，EPS由$1.03降至$0.97。SG&A升至$119.8M（调整后$118.5M，占净销售16.3%），主要因零售网点扩张，费用端对利润率形成额外压力。
管理层称业绩符合预期，执行力使其跑赢住房市场并积累订单动能，Backlog增至约$500M；公司季度内回购并注销$50.0M股票，10月董事会将回购授权刷新至$150.0M，期末现金$702.8M、资产负债表稳健，并计划收购Timberline Homes以拓展零售渠道。需关注材料通胀、贸易政策与关税、利率敏感的住房需求及并购整合风险。