M/I Homes Announces $250 million Share Repurchase Authorization

Rhea-AI Summary

M/I Homes (NYSE:MHO) announced a new share repurchase authorization of up to $250 million, replacing the previous authorization with $103 million remaining as of April 30, 2024.

The repurchase can occur via open market or privately negotiated transactions, adhering to applicable laws. Management will decide the timing and amount based on market price, business conditions, and other factors. The authorization has no expiration date and can be modified or suspended anytime.

M/I Homes is a leading builder of single-family homes, operating across various states, including Ohio, Texas, and Florida.

Positive

• M/I Homes announced a $250 million share repurchase authorization, indicating confidence in its financial stability and future prospects.
• The new repurchase authorization replaces the previous $103 million availability, providing more flexibility to support the stock price.
• The repurchase can be conducted via multiple transaction types, offering flexibility in execution.
• The authorization has no expiration date, giving the company long-term flexibility.

Negative

• The new authorization replaces $103 million of remaining availability, which might indicate the previous repurchase plan was underutilized.
• Share repurchases might divert resources from other strategic investments or growth opportunities.
• Market conditions and legal requirements could limit the effectiveness and timing of share repurchases.

COLUMBUS, Ohio, May 13, 2024 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) today announced that its Board of Directors approved a new share repurchase authorization, pursuant to which the Company may purchase up to $250 million of its common shares. The $250 million authorization replaces the Company's prior authorization (which had $103 million of remaining availability as of April 30, 2024).

Such common shares may be purchased through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases will be determined by the Company's management at its discretion based on a variety of factors, including the market price of the Company's common shares, business considerations, general market and economic conditions and legal requirements. The authorization has no expiration date and may be modified, discontinued or suspended at any time.

M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

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SOURCE M/I Homes, Inc.

FAQ

What is the new share repurchase authorization announced by M/I Homes on May 13, 2024?

M/I Homes announced a new share repurchase authorization of up to $250 million on May 13, 2024.

What happened to M/I Homes' previous share repurchase authorization?

The new $250 million authorization replaces the previous authorization, which had $103 million of remaining availability as of April 30, 2024.

How will M/I Homes execute the $250 million share repurchase?

M/I Homes may repurchase shares through open market transactions, privately negotiated transactions, or otherwise, in accordance with applicable laws.

Does M/I Homes' share repurchase authorization have an expiration date?

No, the share repurchase authorization has no expiration date and can be modified, discontinued, or suspended at any time.

What factors will M/I Homes consider in determining share repurchases?

M/I Homes' management will consider market price, business conditions, general market and economic conditions, and legal requirements in determining the timing and amount of share repurchases.

What is the stock symbol for M/I Homes?

The stock symbol for M/I Homes is MHO.