M/I Homes Q1 record: net income $138M, EPS $4.78, homes delivered up 8%

M/I HOMES, INC.

2024-Q1 EPS reported $4.78 revenue$1,046,703,000

Net income of $138.1M ($4.78 diluted EPS) vs $103.1M ($3.64) in Q1 2023, up 34%.
Revenue of $1.05B, up 5% YoY; homes delivered 2,158 (record), up 8%, new contracts up 17% to 2,547.
Gross margin improved 360 bps to 27%; pre-tax income $180.2M (17.2% of revenue), up 33%.
Shareholders' equity record $2.6B, book value $95/shr; cash $870M, zero borrowings on $650M credit facility.
Backlog sales value $1.8B (+4%), 3,391 homes; cancellation rate 8% vs 13% a year ago.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

M/I HOMES, INC. reported three months ended March 31, 2024 results: revenue $1.05 billion, net income $138.1 million, EPS $4.78 per diluted share.

Period: three months ended March 31, 2024
Revenue: $1.05 billion
Net income: $138.1 million
EPS: $4.78 per diluted share
Result: reported results

Exact text from the filing

2024 First Quarter Highlights: • New contracts increased 17% to 2,547 • Homes delivered increased 8% to 2,158, a first quarter record • Revenue increased 5% to $1.05 billion, a first quarter record • Pre-tax income increased 33% to $180.2 million, 17.2% of revenue and a first quarter record • Net income increased 34% to a first quarter record $138.1 million ($4.78 per diluted share) • Shareholders’ equity reached a record of $2.6 billion, a 21% increase from a year ago, with book value per share of $95 • Backlog sales value increased to $1.8 billion, up 4% • Return on equity of 21%

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Source: SEC EDGAR

accession 0000799292-24-000037

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