M/I Homes Q2 net income down 35% to $79M; new contracts record 2,387 (+15% YoY)

M/I HOMES, INC.

Q2 EPS $3.02 diluted vs $4.42 a year ago; revenue $1.1B (-9% YoY); gross margin 22%.
New contracts record 2,387 (+15% YoY); deliveries 2,206 (-6% YoY); cancellation rate improved to 8% from 13%.
Backlog sales value $1.31B (-8%); backlog units 2,426 (-6%); avg price $538K.
Shareholders' equity record $3.2B; book value per share $128; repurchased $50M stock.
S&P upgraded credit rating to BB+; no borrowings on $900M credit facility; cash $736M.

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