05:37 AM EDT, 05/22/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Skyline Champion ( SKY ) shares dropped 5.4% in premarket activity on Wednesday after the company reported a steeper-than-anticipated drop in earnings while sales grew slower than forecast during fiscal Q4.

The company reported fiscal Q4 adjusted net income Tuesday of $0.62 per diluted share, down from $1.01 a year earlier.

Four analysts polled by Capital IQ expected $0.67.

Net sales for the quarter ended March 30 was $536.4 million, up from $491.5 million a year earlier. Analysts surveyed by Capital IQ expected $560.9 million.

The company's board recently approved a new share repurchase program of up to $100 million.

Price: 73.50, Change: -4.18, Percent Change: -5.38