M/I Homes Q3 net income up 45% to record $132M; new contracts drop 31%

M/I HOMES, INC.

2022-Q3 EPS reported $12.59 revenue$2,914,393,000

Revenue rose 12% to $1.0B; diluted EPS $4.67 vs $3.03 a year ago.
Gross margin 26.8% (+230 bps); operating margin 16.5% (+270 bps).
New contracts fell 31% to 1,349; cancellation rate 17%.
Backlog units down 16% to 4,536; avg sales price record $533,000.
Shareholders' equity record $1.9B (+25%); homebuilding debt-to-capital 26%.

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