M/I Homes Q2 net income record $137M ($4.79 EPS), revenue up 8% to $1B, but new contracts down 20%

M/I HOMES, INC.

2022-Q2 EPS reported $7.93 revenue$1,901,465,000

Net income $136.8M ($4.79 diluted EPS) vs $107.6M ($3.58) in Q2 2021, up 27%.
Revenue $1.0B (record), pre-tax $182.2M (record), gross margin 27.3% (up 220 bps).
Homes delivered 2,133 (down 6%); new contracts 1,820 (down 20%); cancellation rate 11% vs 7%.
Backlog sales value $2.7B (up 9%); units 5,213 (down 5%).
Shareholders' equity $1.8B (record); cash $189M; no borrowings on $550M credit facility.

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