M/I Homes Q3 net income falls 38% to $66.6M; EPS $2.56 vs $3.92 on 5% revenue decline

M/I HOMES, INC.

Q3 revenue fell 5% to $1.1B; homes delivered 2,241 (-2%) and new contracts 1,861 (-2%); backlog value $1.1B (-9%) on 2,046 homes (-7%) at $539,000 average.
Net income $66.6M ($2.56/diluted share) vs $106.5M ($3.92); pre-tax income $86.9M, down 38%, including $4.7M inventory charges ($0.14/share).
Gross margin 20.9%, or 21.3% excluding inventory charges; cancellation rate 12% in both periods; community count 246 vs 233 a year ago.
Record equity $3.3B, book value/share $130; cash $621M, no borrowings on $900M credit facility; homebuilding debt/capital 18%, net debt/capital 2%; repurchased $50M stock.
Nine-month net income $213.5M ($8.14/share) vs $339.0M ($12.32); pre-tax $280.6M vs $446.0M; CEO cites higher mortgage rates, weaker demand and economic uncertainty.

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