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    M/I Homes Reports 2024 Third Quarter Results

    10/30/24 7:30:00 AM ET
    $MHO
    Homebuilding
    Consumer Discretionary
    Get the next $MHO alert in real time by email

    COLUMBUS, Ohio, Oct. 30, 2024 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2024.

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

    2024 Third Quarter Highlights:

    • Record third quarter homes delivered, revenue, and income
    • Homes delivered increased 8% to 2,271
    • Revenue increased 9% to $1.1 billion
    • Pre-tax income increased 6% to $188.7 million, 16.5% of revenue
    • Net income increased 5% to $145.4 million ($5.10 per diluted share)
    • Shareholders' equity reached an all-time record $2.8 billion, a 17% increase from a year ago, with book value per share of $105
    • New contracts were 2,023, compared to 2,021 in last year's third quarter
    • Repurchased $50 million of common stock
    • Return on equity of 20%

    The Company reported pre-tax income of $188.7 million and net income of $145.4 million ($5.10 per diluted share), both third quarter records. This compares to pre-tax income of $178.0 million and net income of $139.0 million, or $4.82 per diluted share, for the third quarter of 2023. For the nine months ended September 30, 2024, pre-tax income increased to a record $563.1 million and net income increased to a record $430.3 million, or $14.99 per diluted share, compared to $469.3 million and $360.1 million, or $12.58 per diluted share, for the same period of 2023, respectively.

    Homes delivered in 2024's third quarter increased 8% to a third quarter record of 2,271 homes. This compares to 2,096 homes delivered in 2023's third quarter. Homes delivered for the nine months ended September 30, 2024 increased 9% to 6,653 from 2023's deliveries of 6,093 which represents an all-time record. New contracts were 2,023 for the third quarter of 2024 compared to 2,021 in last year's third quarter. For the first nine months of 2024, new contracts increased 7% to 6,825 compared to 6,389 in 2023. Homes in backlog at September 30, 2024 had a total sales value of $1.73 billion, a 1% decrease from a year ago. Backlog units at September 30, 2024 decreased 8% to 3,174 homes, with an all-time record average sales price of $544,000. At September 30, 2023, backlog sales value was $1.75 billion, with backlog units of 3,433 and an average sales price of $510,000. M/I Homes had 217 communities at September 30, 2024 compared to 204 communities at September 30, 2023. The Company's cancellation rate was 10% in both the third quarter of 2024 and the third quarter of 2023.

    Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had a very strong third quarter, highlighted by record homes delivered, record revenue, and record income. We increased homes delivered by 8% to a record 2,271, increased revenue by 9% to a record $1.1 billion, increased pre-tax income by 6% to a record $188.7 million and we continued to generate strong returns. Pre-tax income equaled 16.5% of revenue. Our gross margin was strong at 27% and our return on equity was 20%.

    Mr. Schottenstein continued, "Our financial condition is excellent. We ended the quarter with record shareholders' equity of $2.8 billion, an increase of 17% from a year ago, book value of $105 per share, cash of $720 million, a homebuilding debt to capital ratio of 20%, and a net-debt-to-capital ratio of negative 1%. Given our performance through three quarters of this year, along with the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities, we are positioned to have a very strong 2024."

    The Company will broadcast live its earnings conference call today at 10:00 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 October 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



    Nine Months Ended



    September 30,



    September 30,



    2024



    2023



    2024



    2023

    New contracts

    2,023



    2,021



    6,825



    6,389

    Average community count

    214



    200



    215



    199

    Cancellation rate

    10 %



    10 %



    9 %



    11 %

    Backlog units

    3,174



    3,433



    3,174



    3,433

    Backlog sales value

    $  1,725,423



    $  1,751,442



    $  1,725,423



    $  1,751,442

    Homes delivered

    2,271



    2,096



    6,653



    6,093

    Average home closing price

    $           489



    $           481



    $           481



    $           486

















    Homebuilding revenue:















       Housing revenue

    $  1,111,389



    $  1,008,356



    $  3,199,946



    $  2,963,500

       Land revenue

    1,550



    14,424



    11,753



    23,276

    Total homebuilding revenue

    $  1,112,939



    $  1,022,780



    $  3,211,699



    $  2,986,776

















    Financial services revenue

    29,970



    23,591



    87,694



    74,138

    Total revenue

    $  1,142,909



    $  1,046,371



    $  3,299,393



    $  3,060,914

















    Cost of sales - operations

    833,468



    764,638



    2,397,329



    2,286,371

    Gross margin

    $   309,441



    $   281,733



    $   902,064



    $   774,543

    General and administrative expense

    68,285



    55,867



    188,363



    162,481

    Selling expense

    59,163



    53,735



    171,598



    154,686

    Operating income

    $   181,993



    $   172,131



    $   542,103



    $   457,376

    Other income

    —



    1



    —



    (34)

    Interest income, net of interest expense

    (6,680)



    (5,834)



    (20,948)



    (11,893)

    Income before income taxes

    $   188,673



    $   177,964



    $   563,051



    $   469,303

    Provision for income taxes

    43,224



    38,948



    132,795



    109,220

    Net income

    $   145,449



    $   139,016



    $   430,256



    $   360,083

















    Earnings per share:















    Basic

    $          5.26



    $          4.98



    $        15.45



    $        12.97

    Diluted

    $          5.10



    $          4.82



    $        14.99



    $        12.58

















    Weighted average shares outstanding:















    Basic

    27,644



    27,909



    27,857



    27,769

    Diluted

    28,534



    28,837



    28,703



    28,631

     

    M/I Homes, Inc. and Subsidiaries

    Summary Balance Sheet and Other Information (unaudited)

    (Dollars in thousands, except per share amounts)





    As of



    September 30,



    2024



    2023

    Assets:







    Total cash, cash equivalents and restricted cash (1)

    $      719,920



    $      736,252

    Mortgage loans held for sale

    242,812



    207,181

    Inventory:







    Lots, land and land development

    1,558,300



    1,355,622

    Land held for sale

    3,859



    6,881

    Homes under construction

    1,401,260



    1,218,256

    Other inventory

    169,275



    159,769

    Total Inventory

    $  3,132,694



    $  2,740,528









    Property and equipment - net

    34,714



    36,015

    Investments in joint venture arrangements

    63,095



    44,866

    Operating lease right-of-use assets

    55,259



    58,304

    Goodwill

    16,400



    16,400

    Deferred income tax asset

    15,313



    18,019

    Other assets

    179,650



    145,803

    Total Assets

    $  4,459,857



    $  4,003,368









    Liabilities:







    Debt - Homebuilding Operations:







    Senior notes due 2028 - net

    $      397,459



    $      396,685

    Senior notes due 2030 - net

    297,243



    296,739

    Total Debt - Homebuilding Operations

    $      694,702



    $      693,424









    Notes payable bank - financial services operations

    235,441



    200,619

    Total Debt

    $      930,143



    $      894,043









    Accounts payable

    256,708



    250,937

    Operating lease liabilities

    56,667



    59,433

    Other liabilities

    370,983



    373,243

    Total Liabilities

    $  1,614,501



    $  1,577,656









    Shareholders' Equity

    2,845,356



    2,425,712

    Total Liabilities and Shareholders' Equity

    $  4,459,857



    $  4,003,368









    Book value per common share

    $        104.59



    $          87.10

    Homebuilding debt to capital ratio (2)

    20 %



    22 %





    (1)

    Includes $0.2 million of restricted cash and cash held in escrow for the quarter ended September 30, 2023.

    (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



    Nine Months Ended



    September 30,



    September 30,



    2024



    2023



    2024



    2023

    Cash (used in) provided by operating activities

    $        (67,942)



    $         79,541



    $         75,341



    $       497,230

    Cash used in by investing activities

    $        (17,496)



    $        (11,330)



    $        (45,037)



    $        (14,132)

    Cash used in financing activities

    $        (32,100)



    $             (246)



    $        (43,188)



    $        (58,388)

















    Land/lot purchases

    $       138,711



    $       105,860



    $       365,553



    $       247,574

    Land development spending

    $       180,753



    $       151,222



    $       444,659



    $       352,555

    Land sale revenue

    $            1,550



    $         14,424



    $         11,753



    $         23,276

    Land sale gross profit

    $                 72



    $            2,115



    $            3,318



    $            3,004

















    Financial services pre-tax income

    $         12,936



    $            9,878



    $         39,648



    $         33,678

     

    M/I Homes, Inc. and Subsidiaries

    Non-GAAP Financial Results (1)

    (Dollars in thousands)





    Three Months Ended



    Nine Months Ended



    September 30,



    September 30,



    2024



    2023



    2024



    2023

    Net income

    $       145,449



    $       139,016



    $       430,256



    $       360,083

    Add:















    Provision for income taxes

    43,224



    38,948



    132,795



    109,220

    Interest income - net

    (10,089)



    (8,469)



    (30,542)



    (19,122)

    Interest amortized to cost of sales

    7,632



    8,778



    23,872



    25,552

    Depreciation and amortization

    4,816



    4,227



    13,890



    12,890

    Non-cash charges

    6,750



    2,682



    14,099



    7,056

    Adjusted EBITDA

    $       197,782



    $       185,182



    $       584,370



    $       495,679





    (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





    Nine Months Ended





    September 30,





    September 30,













    %













    %

    Region



    2024



    2023



    Change





    2024



    2023



    Change

    Northern



    890



    885



    1 %





    3,054



    2,662



    15 %

    Southern



    1,133



    1,136



    — %





    3,771



    3,727



    1 %

    Total



    2,023



    2,021



    — %





    6,825



    6,389



    7 %





    HOMES DELIVERED





    Three Months Ended





    Nine Months Ended





    September 30,





    September 30,













    %













    %

    Region



    2024



    2023



    Change





    2024



    2023



    Change

    Northern



    1,015



    741



    37 %





    2,809



    2,321



    21 %

    Southern



    1,256



    1,355



    (7) %





    3,844



    3,772



    2 %

    Total



    2,271



    2,096



    8 %





    6,653



    6,093



    9 %







    BACKLOG





    September 30, 2024





    September 30, 2023









    Dollars



    Average









    Dollars



    Average

    Region



    Units



    (millions)



    Sales Price





    Units



    (millions)



    Sales Price

    Northern



    1,493



    $            803



    $    538,000





    1,397



    $           727



    $   521,000

    Southern



    1,681



    $            923



    $    549,000





    2,036



    $        1,024



    $   503,000

    Total



    3,174



    $        1,726



    $    544,000





    3,433



    $        1,751



    $   510,000







    LAND POSITION SUMMARY





    September 30, 2024





    September 30, 2023





    Lots



    Lots Under









    Lots



    Lots Under





    Region



    Owned



    Contract



    Total





    Owned



    Contract



    Total

    Northern



    6,528



    10,885



    17,413





    7,341



    8,385



    15,726

    Southern



    17,114



    17,678



    34,792





    15,835



    13,267



    29,102

    Total



    23,642



    28,563



    52,205





    23,176



    21,652



    44,828

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mi-homes-reports-2024-third-quarter-results-302290595.html

    SOURCE M/I Homes, Inc.

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      COLUMBUS, Ohio, March 11, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announces the following Webcast: What:        M/I Homes, Inc. Announces First Quarter Webcast When:        April 23, 2025 @ 10:30AM Eastern Time Where:       http://www.mihomes.com How:         Live over the Internet -- Simply log on to the web at the address above  Contact:  Ann Marie Hunker, Vice President, Chief Accounting Officer, Controller of M/I Homes, Inc.,                   [email protected], or 614-418-8225               Mark Kirkendall, Vice President, Treasurer of M/I Homes, Inc.,         

      3/11/25 7:45:00 AM ET
      $MHO
      Homebuilding
      Consumer Discretionary

    $MHO
    Leadership Updates

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    • Installed Building Products Announces the Appointment of Robert H. Schottenstein to Its Board of Directors

      Installed Building Products, Inc. (the "Company" or "IBP") (NYSE:IBP), an industry-leading installer of insulation and complementary building products, today announced that Robert H. Schottenstein has been appointed as an independent director to the Company's Board of Directors. Mr. Schottenstein previously served on the Board from April 2014 to March 2020. With this appointment, the Board now has nine members. "I am extremely pleased to welcome Bob back to our Board," stated Jeff Edwards, Chairman and Chief Executive Officer of IBP. "Bob brings a wealth of residential construction and corporate management experience at one of the leading publicly traded homebuilders, as well as a strong u

      7/18/22 4:30:00 PM ET
      $IBP
      $MHO
      Homebuilding
      Consumer Discretionary