M/I Homes Reports 2024 Third Quarter Results
M/I Homes (NYSE: MHO) reported record third quarter results for 2024. The company achieved record homes delivered with an 8% increase to 2,271 units, and revenue grew 9% to $1.1 billion. Net income rose 5% to $145.4 million ($5.10 per diluted share). Shareholders' equity reached an all-time high of $2.8 billion, up 17% year-over-year, with book value per share of $105. New contracts remained stable at 2,023 compared to 2,021 in the previous year. The company maintained a strong financial position with $720 million in cash and a homebuilding debt-to-capital ratio of 20%.
M/I Homes (NYSE: MHO) ha riportato risultati record per il terzo trimestre del 2024. L'azienda ha conseguito un record di case consegnate con un aumento dell'8% a 2.271 unità e i ricavi sono cresciuti del 9% a 1,1 miliardi di dollari. L'utile netto è aumentato del 5% a 145,4 milioni di dollari (5,10 dollari per azione diluita). Il patrimonio netto degli azionisti ha raggiunto un massimo storico di 2,8 miliardi di dollari, con un incremento del 17% rispetto all'anno precedente, e un valore contabile per azione di 105 dollari. I nuovi contratti sono rimasti stabili a 2.023 rispetto ai 2.021 dell'anno precedente. L'azienda ha mantenuto una solida posizione finanziaria con 720 milioni di dollari in contanti e un rapporto debito/capitale nella costruzione di abitazioni del 20%.
M/I Homes (NYSE: MHO) reportó resultados récord para el tercer trimestre de 2024. La compañía logró un récord de casas entregadas con un aumento del 8% a 2,271 unidades, y los ingresos crecieron un 9% a 1.1 mil millones de dólares. Los ingresos netos aumentaron un 5% a 145.4 millones de dólares (5.10 dólares por acción diluida). El patrimonio de los accionistas alcanzó un máximo histórico de 2.8 mil millones de dólares, un incremento del 17% con respecto al año anterior, con un valor contable por acción de 105 dólares. Los nuevos contratos se mantuvieron estables en 2,023 en comparación con 2,021 del año anterior. La compañía mantuvo una fuerte posición financiera con 720 millones de dólares en efectivo y una relación de deuda sobre capital en construcción de viviendas del 20%.
M/I Homes (NYSE: MHO)는 2024년 3분기 역대 최고의 결과를 보고했습니다. 회사는 8% 증가한 2,271채의 주택을 인도하며 기록적인 수익 11억 달러로 9% 성장했습니다. 순이익은 5% 증가하여 1억 4천540만 달러(희석 주당 5.10 달러)에 달했습니다. 주주 자본은 전년에 비해 17% 증가한 28억 달러의 사상 최고치를 기록했으며, 주당 장부 가치는 105 달러입니다. 신규 계약 건수는 전년 대비 2,021건과 비교하여 2,023건으로 안정세를 유지했습니다. 회사는 7억 2천만 달러의 현금과 20%의 주택 건설 부채 대 자본 비율로 강력한 재무 상태를 유지하고 있습니다.
M/I Homes (NYSE: MHO) a annoncé des résultats record pour le troisième trimestre 2024. L'entreprise a atteint un nombre record de maisons livrées avec une augmentation de 8% à 2 271 unités, et les revenus ont augmenté de 9% pour atteindre 1,1 milliard de dollars. Le bénéfice net a augmenté de 5% pour atteindre 145,4 millions de dollars (5,10 dollars par action diluée). Les capitaux propres des actionnaires ont atteint un niveau record de 2,8 milliards de dollars, en hausse de 17% par rapport à l'année précédente, avec une valeur comptable par action de 105 dollars. Les nouveaux contrats sont restés stables à 2 023 par rapport à 2 021 l'année précédente. L'entreprise a maintenu une solide position financière avec 720 millions de dollars en espèces et un ratio de dette sur capital de 20% dans le secteur de la construction de maisons.
M/I Homes (NYSE: MHO) berichtete über Rekordzahlen im dritten Quartal 2024. Das Unternehmen erzielte einen Rekord an ausgelieferten Häusern mit einem Anstieg von 8% auf 2.271 Einheiten, und der Umsatz wuchs um 9% auf 1,1 Milliarden Dollar. Der Nettogewinn stieg um 5% auf 145,4 Millionen Dollar (5,10 Dollar pro verwässerter Aktie). Das Eigenkapital der Aktionäre erreichte mit 2,8 Milliarden Dollar einen historischen Höchststand, was einem Anstieg von 17% im Jahresvergleich entspricht, mit einem Buchwert pro Aktie von 105 Dollar. Die neuen Verträge blieben mit 2.023 im Vergleich zu 2.021 im Vorjahr stabil. Das Unternehmen hielt eine starke Finanzlage mit 720 Millionen Dollar in Bargeld und einem Verhältnis von Baukrediten zu Kapital von 20% aufrecht.
- Record Q3 revenue of $1.1 billion, up 9% YoY
- Net income increased 5% to $145.4 million
- Homes delivered up 8% to 2,271 units
- Shareholders' equity grew 17% to $2.8 billion
- Strong gross margin of 27%
- Return on equity of 20%
- Record average sales price in backlog of $544,000
- Backlog units decreased 8% to 3,174 homes
- Backlog sales value declined 1% to $1.73 billion
Insights
M/I Homes delivered an impressive Q3 2024 performance with several record-breaking metrics. Revenue grew
The balance sheet shows remarkable strength with shareholders' equity at an all-time high of
The housing market metrics remain solid with an
2024 Third Quarter Highlights:
- Record third quarter homes delivered, revenue, and income
- Homes delivered increased
8% to 2,271 - Revenue increased
9% to$1.1 billion - Pre-tax income increased
6% to$188.7 million 16.5% of revenue - Net income increased
5% to$145.4 million $5.10 - Shareholders' equity reached an all-time record
$2.8 billion 17% increase from a year ago, with book value per share of$105 - New contracts were 2,023, compared to 2,021 in last year's third quarter
- Repurchased
$50 million - Return on equity of
20%
The Company reported pre-tax income of
Homes delivered in 2024's third quarter increased
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had a very strong third quarter, highlighted by record homes delivered, record revenue, and record income. We increased homes delivered by
Mr. Schottenstein continued, "Our financial condition is excellent. We ended the quarter with record shareholders' equity of
The Company will broadcast live its earnings conference call today at 10:00 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through October 2025.
M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in
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.
M/I Homes, Inc. and Subsidiaries Summary Statement of Income (unaudited) (Dollars and shares in thousands, except per share amounts) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
New contracts | 2,023 | 2,021 | 6,825 | 6,389 | |||
Average community count | 214 | 200 | 215 | 199 | |||
Cancellation rate | 10 % | 10 % | 9 % | 11 % | |||
Backlog units | 3,174 | 3,433 | 3,174 | 3,433 | |||
Backlog sales value | $ 1,725,423 | $ 1,751,442 | $ 1,725,423 | $ 1,751,442 | |||
Homes delivered | 2,271 | 2,096 | 6,653 | 6,093 | |||
Average home closing price | $ 489 | $ 481 | $ 481 | $ 486 | |||
Homebuilding revenue: | |||||||
Housing revenue | $ 1,111,389 | $ 1,008,356 | $ 3,199,946 | $ 2,963,500 | |||
Land revenue | 1,550 | 14,424 | 11,753 | 23,276 | |||
Total homebuilding revenue | $ 1,112,939 | $ 1,022,780 | $ 3,211,699 | $ 2,986,776 | |||
Financial services revenue | 29,970 | 23,591 | 87,694 | 74,138 | |||
Total revenue | $ 1,142,909 | $ 1,046,371 | $ 3,299,393 | $ 3,060,914 | |||
Cost of sales - operations | 833,468 | 764,638 | 2,397,329 | 2,286,371 | |||
Gross margin | $ 309,441 | $ 281,733 | $ 902,064 | $ 774,543 | |||
General and administrative expense | 68,285 | 55,867 | 188,363 | 162,481 | |||
Selling expense | 59,163 | 53,735 | 171,598 | 154,686 | |||
Operating income | $ 181,993 | $ 172,131 | $ 542,103 | $ 457,376 | |||
Other income | — | 1 | — | (34) | |||
Interest income, net of interest expense | (6,680) | (5,834) | (20,948) | (11,893) | |||
Income before income taxes | $ 188,673 | $ 177,964 | $ 563,051 | $ 469,303 | |||
Provision for income taxes | 43,224 | 38,948 | 132,795 | 109,220 | |||
Net income | $ 145,449 | $ 139,016 | $ 430,256 | $ 360,083 | |||
Earnings per share: | |||||||
Basic | $ 5.26 | $ 4.98 | $ 15.45 | $ 12.97 | |||
Diluted | $ 5.10 | $ 4.82 | $ 14.99 | $ 12.58 | |||
Weighted average shares outstanding: | |||||||
Basic | 27,644 | 27,909 | 27,857 | 27,769 | |||
Diluted | 28,534 | 28,837 | 28,703 | 28,631 | |||
M/I Homes, Inc. and Subsidiaries Summary Balance Sheet and Other Information (unaudited) (Dollars in thousands, except per share amounts) | |||
As of | |||
September 30, | |||
2024 | 2023 | ||
Assets: | |||
Total cash, cash equivalents and restricted cash (1) | $ 719,920 | $ 736,252 | |
Mortgage loans held for sale | 242,812 | 207,181 | |
Inventory: | |||
Lots, land and land development | 1,558,300 | 1,355,622 | |
Land held for sale | 3,859 | 6,881 | |
Homes under construction | 1,401,260 | 1,218,256 | |
Other inventory | 169,275 | 159,769 | |
Total Inventory | $ 3,132,694 | $ 2,740,528 | |
Property and equipment - net | 34,714 | 36,015 | |
Investments in joint venture arrangements | 63,095 | 44,866 | |
Operating lease right-of-use assets | 55,259 | 58,304 | |
Goodwill | 16,400 | 16,400 | |
Deferred income tax asset | 15,313 | 18,019 | |
Other assets | 179,650 | 145,803 | |
Total Assets | $ 4,459,857 | $ 4,003,368 | |
Liabilities: | |||
Debt - Homebuilding Operations: | |||
Senior notes due 2028 - net | $ 397,459 | $ 396,685 | |
Senior notes due 2030 - net | 297,243 | 296,739 | |
Total Debt - Homebuilding Operations | $ 694,702 | $ 693,424 | |
Notes payable bank - financial services operations | 235,441 | 200,619 | |
Total Debt | $ 930,143 | $ 894,043 | |
Accounts payable | 256,708 | 250,937 | |
Operating lease liabilities | 56,667 | 59,433 | |
Other liabilities | 370,983 | 373,243 | |
Total Liabilities | $ 1,614,501 | $ 1,577,656 | |
Shareholders' Equity | 2,845,356 | 2,425,712 | |
Total Liabilities and Shareholders' Equity | $ 4,459,857 | $ 4,003,368 | |
Book value per common share | $ 104.59 | $ 87.10 | |
Homebuilding debt to capital ratio (2) | 20 % | 22 % | |
(1) | Includes |
(2) | The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity. |
M/I Homes, Inc. and Subsidiaries Selected Supplemental Financial and Operating Data (unaudited) (Dollars in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash (used in) provided by operating activities | $ (67,942) | $ 79,541 | $ 75,341 | $ 497,230 | |||
Cash used in by investing activities | $ (17,496) | $ (11,330) | $ (45,037) | $ (14,132) | |||
Cash used in financing activities | $ (32,100) | $ (246) | $ (43,188) | $ (58,388) | |||
Land/lot purchases | $ 138,711 | $ 105,860 | $ 365,553 | $ 247,574 | |||
Land development spending | $ 180,753 | $ 151,222 | $ 444,659 | $ 352,555 | |||
Land sale revenue | $ 1,550 | $ 14,424 | $ 11,753 | $ 23,276 | |||
Land sale gross profit | $ 72 | $ 2,115 | $ 3,318 | $ 3,004 | |||
Financial services pre-tax income | $ 12,936 | $ 9,878 | $ 39,648 | $ 33,678 | |||
M/I Homes, Inc. and Subsidiaries Non-GAAP Financial Results (1) (Dollars in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income | $ 145,449 | $ 139,016 | $ 430,256 | $ 360,083 | |||
Add: | |||||||
Provision for income taxes | 43,224 | 38,948 | 132,795 | 109,220 | |||
Interest income - net | (10,089) | (8,469) | (30,542) | (19,122) | |||
Interest amortized to cost of sales | 7,632 | 8,778 | 23,872 | 25,552 | |||
Depreciation and amortization | 4,816 | 4,227 | 13,890 | 12,890 | |||
Non-cash charges | 6,750 | 2,682 | 14,099 | 7,056 | |||
Adjusted EBITDA | $ 197,782 | $ 185,182 | $ 584,370 | $ 495,679 | |||
(1) | We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations. |
M/I Homes, Inc. and Subsidiaries Selected Supplemental Financial and Operating Data | |||||||||||||
NEW CONTRACTS | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
% | % | ||||||||||||
Region | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
Northern | 890 | 885 | 1 % | 3,054 | 2,662 | 15 % | |||||||
Southern | 1,133 | 1,136 | — % | 3,771 | 3,727 | 1 % | |||||||
Total | 2,023 | 2,021 | — % | 6,825 | 6,389 | 7 % | |||||||
HOMES DELIVERED | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
% | % | ||||||||||||
Region | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
Northern | 1,015 | 741 | 37 % | 2,809 | 2,321 | 21 % | |||||||
Southern | 1,256 | 1,355 | (7) % | 3,844 | 3,772 | 2 % | |||||||
Total | 2,271 | 2,096 | 8 % | 6,653 | 6,093 | 9 % | |||||||
BACKLOG | |||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||
Dollars | Average | Dollars | Average | ||||||||||
Region | Units | (millions) | Sales Price | Units | (millions) | Sales Price | |||||||
Northern | 1,493 | $ 803 | $ 538,000 | 1,397 | $ 727 | $ 521,000 | |||||||
Southern | 1,681 | $ 923 | $ 549,000 | 2,036 | $ 1,024 | $ 503,000 | |||||||
Total | 3,174 | $ 1,726 | $ 544,000 | 3,433 | $ 1,751 | $ 510,000 | |||||||
LAND POSITION SUMMARY | |||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||
Lots | Lots Under | Lots | Lots Under | ||||||||||
Region | Owned | Contract | Total | Owned | Contract | Total | |||||||
Northern | 6,528 | 10,885 | 17,413 | 7,341 | 8,385 | 15,726 | |||||||
Southern | 17,114 | 17,678 | 34,792 | 15,835 | 13,267 | 29,102 | |||||||
Total | 23,642 | 28,563 | 52,205 | 23,176 | 21,652 | 44,828 | |||||||
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SOURCE M/I Homes, Inc.
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