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    M/I Homes Reports 2025 Second Quarter Results

    7/23/25 7:30:00 AM ET
    $MHO
    Homebuilding
    Consumer Discretionary
    Get the next $MHO alert in real time by email

    COLUMBUS, Ohio, July 23, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2025.

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

    2025 Second Quarter Highlights:

    • Record second quarter revenue and homes delivered
    • Revenue increased 5% to $1.2 billion
    • Homes delivered increased 6% to 2,348
    • Pre-tax income decreased 18% to $160 million, 14% of revenue
    • Net income of $121 million ($4.42 per diluted share) versus $147 million ($5.12 per diluted share)
    • Shareholders' equity reached a record $3.1 billion, a 12% increase from a year ago, book value per share of $117
    • New contracts were 2,078, compared to 2,255 in last year's second quarter, an 8% decrease
    • Repurchased $50 million of common stock
    • Return on equity of 17%

    The Company reported pre-tax income of $160.1 million and net income of $121.2 million ($4.42 per diluted share) for the second quarter of 2025. This compares to pre-tax income of $194.1 million and net income of $146.7 million, or $5.12 per diluted share, for the second quarter of 2024. For the six months ended June 30, 2025, the Company reported pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, compared to $374.4 million and $284.8 million, or $9.90 per diluted share, for the same period of 2024, respectively.

    Homes delivered in 2025's second quarter increased 6% to 2,348 homes, a second quarter record. This compares to 2,224 homes delivered in 2024's second quarter. Homes delivered for the six months ended June 30, 2025 decreased 1% to 4,324 from deliveries of 4,382 for the six months ended June 30, 2024. New contracts were 2,078 for the second quarter of 2025, an 8% decrease compared to 2,255 in last year's second quarter. For the first half of 2025, new contracts were 4,370, a 9% decrease compared to 4,802 in the first half of 2024. Homes in backlog at June 30, 2025 had a total sales value of $1.43 billion, a 22% decrease from a year ago. Backlog units at June 30, 2025 decreased 25% to 2,577 homes, with an average sales price of $553,000. At June 30, 2024, backlog sales value was $1.82 billion, with backlog units of 3,422 and an average sales price of $533,000. M/I Homes had a record 234 communities at June 30, 2025 compared to 211 communities at June 30, 2024. The Company's cancellation rate was 13% in the second quarter of 2025 compared to 10% in the second quarter of 2024.

    Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results, despite continued challenging market conditions. Our results are highlighted by new second quarter records in revenue and homes delivered, strong gross margins of 25%, 14% pre-tax income and 17% return on equity."

    Mr. Schottenstein added, "Although market conditions remain choppy and challenging, we are confident in the underlying fundamentals of the housing industry and our ability to navigate through this uncertain environment. Our balance sheet remains very strong, with zero borrowings under our $650 million unsecured credit facility, a cash position of $800 million, homebuilding debt-to-capital of 18%, and a net debt-to-capital ratio of negative 3%. We continue to strategically invest in our operations and are on track to grow our average community count by approximately 5% this year."

    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 remain available on our website through July 2026.

    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 including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, 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, 2024, 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



    Six Months Ended



    June 30,



    June 30,



    2025



    2024



    2025



    2024

    New contracts

    2,078



    2,255



    4,370



    4,802

    Average community count

    230



    215



    227



    214

    Cancellation rate

    13 %



    10 %



    11 %



    9 %

    Backlog units

    2,577



    3,422



    2,577



    3,422

    Backlog sales value

    $  1,425,138



    $  1,822,686



    $  1,425,138



    $  1,822,686

    Homes delivered

    2,348



    2,224



    4,324



    4,382

    Average home closing price

    $            479



    $            482



    $            477



    $            477

















    Homebuilding revenue:















       Housing revenue

    $  1,124,475



    $  1,072,044



    $  2,064,506



    $  2,088,557

       Land revenue

    6,667



    6,975



    11,209



    10,203

    Total homebuilding revenue

    $  1,131,142



    $  1,079,019



    $  2,075,715



    $  2,098,760

















    Financial services revenue

    31,450



    30,762



    62,970



    57,724

    Total revenue

    $  1,162,592



    $  1,109,781



    $  2,138,685



    $  2,156,484

















    Cost of sales - operations

    875,973



    800,501



    1,599,283



    1,563,861

    Gross margin

    $    286,619



    $    309,280



    $    539,402



    $    592,623

    General and administrative expense

    67,247



    63,994



    126,320



    120,078

    Selling expense

    63,655



    58,495



    116,441



    112,435

    Operating income

    $   155,717



    $    186,791



    $   296,641



    $    360,110

    Interest income, net of interest expense

    (4,377)



    (7,348)



    (9,574)



    (14,268)

    Income before income taxes

    $   160,094



    $    194,139



    $   306,215



    $   374,378

    Provision for income taxes

    38,851



    47,393



    73,735



    89,571

    Net income

    $   121,243



    $    146,746



    $   232,480



    $   284,807

















    Earnings per share:















    Basic

    $         4.52



    $         5.26



    $         8.59



    $       10.18

    Diluted

    $         4.42



    $         5.12



    $         8.40



    $         9.90

















    Weighted average shares outstanding:















    Basic

    26,836



    27,878



    27,074



    27,965

    Diluted

    27,406



    28,668



    27,673



    28,777

     

    M/I Homes, Inc. and Subsidiaries

    Summary Balance Sheet and Other Information (unaudited)

    (Dollars in thousands, except per share amounts)





    As of



    June 30,



    2025



    2024

    Assets:







    Total cash, cash equivalents and restricted cash (1)

    $      800,398



    $      837,458

    Mortgage loans held for sale

    280,867



    227,254

    Inventory:







    Lots, land and land development

    1,683,930



    1,467,961

    Land held for sale

    5,005



    4,235

    Homes under construction

    1,403,582



    1,306,650

    Other inventory

    194,089



    159,618

    Total Inventory

    $  3,286,606



    $  2,938,464









    Property and equipment - net

    33,749



    36,438

    Investments in joint venture arrangements

    67,466



    46,180

    Operating lease right-of-use assets

    56,403



    56,697

    Goodwill

    16,400



    16,400

    Deferred income tax asset

    13,451



    15,313

    Other assets

    184,699



    165,866

    Total Assets

    $  4,740,039



    $  4,340,070









    Liabilities:







    Debt - Homebuilding Operations:







    Senior notes due 2028 - net

    $     398,040



    $     397,266

    Senior notes due 2030 - net

    297,621



    297,117

    Total Debt - Homebuilding Operations

    $     695,661



    $     694,383









    Notes payable bank - financial services operations

    275,926



    222,792

    Total Debt

    $     971,587



    $     917,175









    Accounts payable

    252,476



    278,859

    Operating lease liabilities

    57,997



    58,043

    Other liabilities

    375,843



    344,876

    Total Liabilities

    $  1,657,903



    $  1,598,953









    Shareholders' Equity

    3,082,136



    2,741,117

    Total Liabilities and Shareholders' Equity

    $  4,740,039



    $  4,340,070









    Book value per common share

    $       117.01



    $       100.03

    Homebuilding debt to capital ratio (2)

    18 %



    20 %





    (1)

    Includes $0.2 million of restricted cash and cash held in escrow for both quarters ended June 30, 2025 and 2024.

    (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



    Six Months Ended



    June 30,



    June 30,



    2025



    2024



    2025



    2024

    Cash provided by operating activities

    $         37,755



    $          27,511



    $       102,642



    $       143,283

    Cash used in investing activities

    $        (12,318)



    $        (10,433)



    $        (15,246)



    $        (27,541)

    Cash used in by financing activities

    $          (1,417)



    $        (49,782)



    $      (108,568)



    $        (11,088)

















    Land/lot purchases

    $       101,751



    $       119,182



    $       247,734



    $       226,842

    Land development spending

    $       139,008



    $       144,539



    $       240,607



    $       263,906

    Land sale revenue

    $           6,667



    $           6,975



    $         11,209



    $         10,203

    Land sale gross profit

    $           3,202



    $           1,933



    $           3,988



    $           3,246

















    Financial services pre-tax income

    $         14,476



    $         14,400



    $         30,582



    $         26,712

     

    M/I Homes, Inc. and Subsidiaries

    Non-GAAP Financial Results (1)

    (Dollars in thousands)





    Three Months Ended



    Six Months Ended



    June 30,



    June 30,



    2025



    2024



    2025



    2024

    Net income

    $       121,243



    $       146,746



    $       232,480



    $       284,807

    Add:















    Provision for income taxes

    38,851



    47,393



    73,735



    89,571

    Interest income - net

    (7,726)



    (10,686)



    (15,767)



    (20,453)

    Interest amortized to cost of sales

    8,227



    7,938



    15,128



    16,240

    Depreciation and amortization

    4,904



    4,607



    9,681



    9,074

    Non-cash charges

    3,916



    3,810



    8,116



    7,349

    Adjusted EBITDA

    $       169,415



    $       199,808



    $       323,373



    $       386,588





    (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





    Six Months Ended





    June 30,





    June 30,













    %













    %

    Region



    2025



    2024



    Change





    2025



    2024



    Change

    Northern



    873



    1,002



    (13) %





    1,938



    2,164



    (10) %

    Southern



    1,205



    1,253



    (4) %





    2,432



    2,638



    (8) %

    Total



    2,078



    2,255



    (8) %





    4,370



    4,802



    (9) %





    HOMES DELIVERED





    Three Months Ended





    Six Months Ended





    June 30,





    June 30,













    %













    %

    Region



    2025



    2024



    Change





    2025



    2024



    Change

    Northern



    967



    951



    2 %





    1,793



    1,794



    — %

    Southern



    1,381



    1,273



    8 %





    2,531



    2,588



    (2) %

    Total



    2,348



    2,224



    6 %





    4,324



    4,382



    (1) %

     



    BACKLOG



    June 30, 2025





    June 30, 2024







    Dollars



    Average









    Dollars



    Average

    Region

    Units



    (millions)



    Sales Price





    Units



    (millions)



    Sales Price

    Northern

    1,281



    $            721



    $    563,000





    1,618



    $           853



    $   527,000

    Southern

    1,296



    $            704



    $    543,000





    1,804



    $           970



    $   538,000

    Total

    2,577



    $        1,425



    $    553,000





    3,422



    $        1,823



    $   533,000





    LAND POSITION SUMMARY



    June 30, 2025





    June 30, 2024



    Lots



    Lots Under









    Lots



    Lots Under





    Region

    Owned



    Contract



    Total





    Owned



    Contract



    Total

    Northern

    7,104



    8,710



    15,814





    6,784



    10,250



    17,034

    Southern

    17,403



    17,247



    34,650





    16,520



    15,898



    32,418

    Total

    24,507



    25,957



    50,464





    23,304



    26,148



    49,452

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mi-homes-reports-2025-second-quarter-results-302511117.html

    SOURCE M/I Homes, Inc.

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      COLUMBUS, Ohio, June 13, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announces the following Webcast: What: M/I Homes, Inc. Announces Second Quarter Webcast When: July 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.,    [email protected], or 614-418-8021  If you are unable to p

      6/13/25 7:45:00 AM ET
      $MHO
      Homebuilding
      Consumer Discretionary
    • M/I Homes Reports 2025 First Quarter Results

      COLUMBUS, Ohio, April 23, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2025. 2025 First Quarter Highlights: Homes delivered decreased 8% to 1,976 from 2,158Revenue decreased 7% to $976 millionPre-tax income decreased 19% to $146 million, 15% of revenueNet income of $111 million ($3.98 per diluted share) versus $138 million ($4.78 per diluted share)Shareholders' equity reached an all-time record $3 billion, a 14% increase from a year ago, with book value per share of $112New contracts were 2,292, compared to 2,547 in las

      4/23/25 7:30:00 AM ET
      $MHO
      Homebuilding
      Consumer Discretionary