M/I Homes Q1 revenue record $860.8M; EPS $3.16 vs $2.85 YoY; backlog sales $2.8B

M/I HOMES, INC.

2022-Q1 EPS reported $3.16 revenue$860,811,000

Pre-tax income up 11% to $122.3M; net income $91.8M ($3.16/diluted share) vs $84.9M ($2.85).
Homes delivered 1,823 (-10% YoY); new contracts 2,514 (-19% YoY).
Backlog units 5,526 (+1% YoY) – all-time quarterly record; backlog value $2.8B (+17%).
Gross margin improved 40 bps to 24.8%; overhead ratio improved 50 bps.
Shareholders' equity $1.7B (+26%); no borrowings on $550M credit facility; $15M share repurchases.

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