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    M/I Homes Reports 2024 First Quarter Results

    4/24/24 7:30:00 AM ET
    $MHO
    Homebuilding
    Consumer Discretionary
    Get the next $MHO alert in real time by email

    COLUMBUS, Ohio, April 24, 2024 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2024.

    M/I Homes, Inc. Logo (PRNewsfoto/M/I Homes, Inc.)

    2024 First Quarter Highlights:

    • New contracts increased 17% to 2,547
    • Homes delivered increased 8% to 2,158, a first quarter record
    • Revenue increased 5% to $1.05 billion, a first quarter record
    • Pre-tax income increased 33% to $180.2 million, 17.2% of revenue and a first quarter record
    • Net income increased 34% to a first quarter record $138.1 million ($4.78 per diluted share)
    • Shareholders' equity reached a record of $2.6 billion, a 21% increase from a year ago, with book
    • value per share of $95
    • Backlog sales value increased to $1.8 billion, up 4%
    • Return on equity of 21%

    The Company reported record first quarter pre-tax income of $180.2 million and record first quarter net income of $138.1 million, or $4.78 per diluted share. This compares to pre-tax income of $136.0 million and net income of $103.1 million, or $3.64 per diluted share, for the first quarter of 2023.

    Homes delivered in 2024's first quarter increased 8% to 2,158 homes, a first quarter record for the Company. This compares to 2,007 homes delivered in 2023's first quarter. New contracts for the first quarter of 2024 increased 17% to 2,547 compared to 2,171 in 2023. Homes in backlog at March 31, 2024 had a total sales value of $1.8 billion, a 4% increase from a year ago. Backlog units at March 31, 2024 increased 3% to 3,391 homes, with an average sales price of $528,000. At March 31, 2023, backlog sales value was $1.7 billion, with backlog units of 3,301 and an average sales price of $522,000. M/I Homes had 219 communities at March 31, 2024 compared to 200 communities at March 31, 2023. The Company's cancellation rate was 8% in the first quarter of 2024 compared to 13% in the first quarter of 2023.

    Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had an exceptional first quarter - setting first quarter records in homes delivered, revenue, and income. In addition, we were very pleased with our new contracts increasing by 17%, as well as producing strong margins and returns. Our homes delivered increased 8% to a record 2,158, revenue increased 5% to a record $1.05 billion and our gross margins improved by 360 basis points to 27%. This resulted in pre-tax income increasing by 33% to a first quarter record of $180.2 million, 17.2% of revenue, and a 21% return on equity."

    Mr. Schottenstein continued, "Our financial condition is excellent. We ended the quarter with record shareholders' equity of $2.6 billion, book value of $95 per share, cash of $870 million, zero borrowings on our $650 million credit facility, and a homebuilding debt to capital ratio of 21%, and net-debt-to-capital ratio of negative 7%. Given our performance in the first quarter of 2024, our diverse product offerings and well-located communities, we are positioned to have a strong 2024."

    The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call."  A replay of the call will continue to be available on our website through April 2025.

    M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

    Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission.  All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

     

    M/I Homes, Inc. and Subsidiaries

    Summary Statement of Income (unaudited)

    (Dollars and shares in thousands, except per share amounts)





    Three Months Ended



    March 31,



    2024



    2023

    New contracts

    2,547



    2,171

    Average community count

    216



    198

    Cancellation rate

    8 %



    13 %

    Backlog units

    3,391



    3,301

    Backlog sales value

    $   1,789,340



    $   1,724,550

    Homes delivered

    2,158



    2,007

    Average home closing price

    $             471



    $             486









    Homebuilding revenue:







       Housing revenue

    $  1,016,513



    $     974,946

       Land revenue

    3,228



    303

    Total homebuilding revenue

    $  1,019,741



    $     975,249









    Financial services revenue

    26,962



    25,281

    Total revenue

    $  1,046,703



    $  1,000,530









    Cost of sales - operations

    763,360



    765,904

    Gross margin

    $    283,343



    $     234,626

    General and administrative expense

    56,084



    50,960

    Selling expense

    53,940



    49,080

    Operating income

    $    173,319



    $    134,586

    Other income

    —



    (7)

    Interest income, net of interest expense

    (6,920)



    (1,389)

    Income before income taxes

    $    180,239



    $    135,982

    Provision for income taxes

    42,178



    32,916

    Net income

    $    138,061



    $    103,066









    Earnings per share:







    Basic

    $          4.92



    $          3.73

    Diluted

    $          4.78



    $          3.64









    Weighted average shares outstanding:







    Basic

    28,052



    27,602

    Diluted

    28,888



    28,305

     

    M/I Homes, Inc. and Subsidiaries

    Summary Balance Sheet and Other Information (unaudited)

    (Dollars in thousands, except per share amounts)





    As of



    March 31,



    2024



    2023

    Assets:







    Total cash, cash equivalents and restricted cash (1)

    $      870,162



    $      542,564

    Mortgage loans held for sale

    235,047



    226,629

    Inventory:







    Lots, land and land development

    1,448,459



    1,279,673

    Land held for sale

    136



    17,959

    Homes under construction

    1,169,791



    1,190,519

    Other inventory

    155,779



    169,258

    Total Inventory

    $  2,774,165



    $  2,657,409









    Property and equipment - net

    33,145



    37,419

    Investments in joint venture arrangements

    59,146



    49,031

    Operating lease right-of-use assets

    57,890



    59,787

    Goodwill

    16,400



    16,400

    Deferred income tax asset

    15,313



    18,019

    Other assets

    150,683



    155,112

    Total Assets

    $  4,211,951



    $  3,762,370









    Liabilities:







    Debt - Homebuilding Operations:







    Senior notes due 2028 - net

    $     397,072



    $     396,298

    Senior notes due 2030 - net

    296,991



    296,487

    Total Debt - Homebuilding Operations

    $     694,063



    $     692,785









    Notes payable bank - financial services operations

    224,321



    223,618

    Total Debt

    $     918,384



    $     916,403









    Accounts payable

    224,972



    208,426

    Operating lease liabilities

    59,163



    60,763

    Other liabilities

    370,647



    393,563

    Total Liabilities

    $  1,573,166



    $  1,579,155









    Shareholders' Equity

    2,638,785



    2,183,215

    Total Liabilities and Shareholders' Equity

    $  4,211,951



    $  3,762,370









    Book value per common share

    $         95.09



    $         78.77

    Homebuilding debt to capital ratio (2)

    21 %



    24 %





    (1)

    Includes $0.5 million and $1.4 million of restricted cash and cash held in escrow for the quarters ended March 31, 2024 and 2023, respectively.

    (2)

    The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.

     

    M/I Homes, Inc. and Subsidiaries

    Selected Supplemental Financial and Operating Data (unaudited)

    (Dollars in thousands)





    Three Months Ended



    March 31,



    2024



    2023

    Cash provided by operating activities

    $       115,772



    $        251,499

    Cash used in investing activities

    $       (17,108)



    $          (4,793)

    Cash provided by (used in) financing activities

    $         38,694



    $        (15,684)









    Land/lot purchases

    $       107,660



    $         45,646

    Land development spending

    $       119,367



    $         92,419

    Land sale revenue

    $           3,228



    $              303

    Land sale gross profit (loss)

    $           1,313



    $                 (3)









    Financial services pre-tax income

    $         12,312



    $         12,641

     

    M/I Homes, Inc. and Subsidiaries

    Non-GAAP Financial Results (1)

    (Dollars in thousands)





    Three Months Ended



    March 31,



    2024



    2023

    Net income

    $       138,061



    $       103,066

    Add:







    Provision for income taxes

    42,178



    32,916

    Interest income - net

    (9,767)



    (3,673)

    Interest amortized to cost of sales

    8,302



    8,040

    Depreciation and amortization

    4,467



    4,397

    Non-cash charges

    3,539



    2,073

    Adjusted EBITDA

    $       186,780



    $       146,819





    (1)

    We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.

     

    M/I Homes, Inc. and Subsidiaries

    Selected Supplemental Financial and Operating Data





    NEW CONTRACTS





    Three Months Ended





    March 31,













    %

    Region



    2024



    2023



    Change

    Northern



    1,162



    828



    40 %

    Southern



    1,385



    1,343



    3 %

    Total



    2,547



    2,171



    17 %







    HOMES DELIVERED





    Three Months Ended





    March 31,













    %

    Region



    2024



    2023



    Change

    Northern



    843



    797



    6 %

    Southern



    1,315



    1,210



    9 %

    Total



    2,158



    2,007



    8 %

     



    BACKLOG



    March 31, 2024





    March 31, 2023







    Dollars



    Average









    Dollars



    Average

    Region

    Units



    (millions)



    Sales Price





    Units



    (millions)



    Sales Price

    Northern

    1,567



    $            822



    $    525,000





    1,087



    $           560



    $   515,000

    Southern

    1,824



    $            967



    $    530,000





    2,214



    $        1,165



    $   526,000

    Total

    3,391



    $         1,789



    $    528,000





    3,301



    $        1,725



    $   522,000

     



    LAND POSITION SUMMARY



    March 31, 2024





    March 31, 2023



    Lots

    Lots Under







    Lots

    Lots Under



    Region

    Owned

    Contract

    Total





    Owned

    Contract

    Total

    Northern

    7,005

    9,279

    16,284





    7,712

    7,214

    14,926

    Southern

    16,821

    14,352

    31,173





    16,054

    9,761

    25,815

    Total

    23,826

    23,631

    47,457





    23,766

    16,975

    40,741

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mi-homes-reports-2024-first-quarter-results-302125063.html

    SOURCE M/I Homes, Inc.

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