M/I Homes Reports 2025 First Quarter Results
M/I Homes (NYSE:MHO) reported mixed first quarter 2025 results with several key metrics showing declines. Revenue decreased 7% to $976 million, while homes delivered fell 8% to 1,976 units compared to 2,158 in Q1 2024. Net income declined to $111 million ($3.98 per diluted share) from $138 million ($4.78 per diluted share) year-over-year.
The company maintained a strong gross margin of 25.9% despite challenging market conditions. New contracts decreased 10% to 2,292, with a backlog value of $1.56 billion, down 13% from the previous year. The cancellation rate increased to 10% from 8% year-over-year.
Notable positives include record shareholders' equity reaching $3 billion, a 14% increase, with book value per share of $112. The company expanded to 226 active communities, up from 219 last year, and maintains a strong financial position with $776 million in cash and a negative 3% net debt-to-capital ratio.
M/I Homes (NYSE:MHO) ha riportato risultati contrastanti nel primo trimestre 2025, con diversi indicatori chiave in calo. Il fatturato è diminuito del 7%, attestandosi a 976 milioni di dollari, mentre le case consegnate sono scese dell'8% a 1.976 unità rispetto alle 2.158 del primo trimestre 2024. L'utile netto è calato a 111 milioni di dollari (3,98 dollari per azione diluita) da 138 milioni di dollari (4,78 dollari per azione diluita) anno su anno.
Nonostante condizioni di mercato difficili, l'azienda ha mantenuto un forte margine lordo del 25,9%. I nuovi contratti sono diminuiti del 10% a 2.292, con un valore del portafoglio ordini di 1,56 miliardi di dollari, in calo del 13% rispetto all'anno precedente. Il tasso di cancellazione è aumentato al 10% dall'8% anno su anno.
Tra gli aspetti positivi spiccano un patrimonio netto record che ha raggiunto i 3 miliardi di dollari, con un aumento del 14%, e un valore contabile per azione di 112 dollari. L'azienda ha ampliato la propria presenza a 226 comunità attive, rispetto alle 219 dell'anno precedente, mantenendo una solida posizione finanziaria con 776 milioni di dollari in contanti e un rapporto netto debito/capitale negativo del 3%.
M/I Homes (NYSE:MHO) reportó resultados mixtos en el primer trimestre de 2025, con varios indicadores clave a la baja. Los ingresos disminuyeron un 7% hasta 976 millones de dólares, mientras que las casas entregadas cayeron un 8% a 1,976 unidades en comparación con 2,158 en el primer trimestre de 2024. La utilidad neta bajó a 111 millones de dólares (3.98 dólares por acción diluida) desde 138 millones de dólares (4.78 dólares por acción diluida) año con año.
A pesar de condiciones de mercado desafiantes, la compañía mantuvo un fuerte margen bruto del 25.9%. Los nuevos contratos disminuyeron un 10% a 2,292, con un valor de cartera pendiente de 1,560 millones de dólares, un 13% menos que el año anterior. La tasa de cancelación aumentó al 10% desde el 8% interanual.
Entre los aspectos positivos destaca un patrimonio neto récord que alcanzó los 3 mil millones de dólares, un aumento del 14%, con un valor contable por acción de 112 dólares. La empresa amplió su presencia a 226 comunidades activas, frente a las 219 del año pasado, y mantiene una sólida posición financiera con 776 millones de dólares en efectivo y una ratio neta de deuda a capital negativa del 3%.
M/I Homes (NYSE:MHO)는 2025년 1분기 실적에서 혼재된 결과를 보고했으며, 주요 지표 중 다수가 하락세를 보였습니다. 매출은 7% 감소한 9억 7,600만 달러를 기록했고, 인도 주택 수는 8% 감소한 1,976채로 2024년 1분기의 2,158채에 비해 줄었습니다. 순이익은 1억 1,100만 달러(희석 주당 3.98달러)로 전년 동기 1억 3,800만 달러(희석 주당 4.78달러)에서 감소했습니다.
어려운 시장 환경에도 불구하고 회사는 견고한 25.9%의 총이익률을 유지했습니다. 신규 계약은 10% 감소한 2,292건이며, 미수주 잔액 가치는 15억 6천만 달러로 전년 대비 13% 줄었습니다. 취소율은 전년 동기 8%에서 10%로 상승했습니다.
긍정적인 점으로는 주주 자본이 30억 달러로 사상 최고치를 기록하며 14% 증가했고, 주당 장부가치는 112달러입니다. 회사는 활성 커뮤니티 수를 작년 219개에서 226개로 확대했으며, 7억 7,600만 달러의 현금과 순부채 비율 -3%로 견고한 재무 상태를 유지하고 있습니다.
M/I Homes (NYSE:MHO) a publié des résultats mitigés pour le premier trimestre 2025, plusieurs indicateurs clés affichant des baisses. Le chiffre d'affaires a diminué de 7% pour atteindre 976 millions de dollars, tandis que les maisons livrées ont chuté de 8% à 1 976 unités contre 2 158 au T1 2024. Le bénéfice net est passé à 111 millions de dollars (3,98 dollars par action diluée) contre 138 millions de dollars (4,78 dollars par action diluée) en glissement annuel.
La société a maintenu une marge brute solide de 25,9% malgré des conditions de marché difficiles. Les nouveaux contrats ont diminué de 10% à 2 292, avec une valeur de carnet de commandes de 1,56 milliard de dollars, en baisse de 13% par rapport à l'année précédente. Le taux d'annulation a augmenté à 10% contre 8% en glissement annuel.
Parmi les points positifs, on note un fonds propres record atteignant 3 milliards de dollars, soit une hausse de 14%, avec une valeur comptable par action de 112 dollars. L'entreprise a étendu son réseau à 226 communautés actives, contre 219 l'an dernier, et conserve une solide position financière avec 776 millions de dollars en liquidités et un ratio d'endettement net négatif de 3%.
M/I Homes (NYSE:MHO) meldete gemischte Ergebnisse für das erste Quartal 2025, wobei mehrere wichtige Kennzahlen rückläufig waren. Der Umsatz sank um 7% auf 976 Millionen US-Dollar, während die gelieferten Häuser um 8% auf 1.976 Einheiten zurückgingen im Vergleich zu 2.158 im ersten Quartal 2024. Der Nettogewinn fiel von 138 Millionen US-Dollar (4,78 US-Dollar je verwässerter Aktie) auf 111 Millionen US-Dollar (3,98 US-Dollar je verwässerter Aktie) im Jahresvergleich.
Das Unternehmen hielt trotz schwieriger Marktbedingungen eine starke Bruttomarge von 25,9% aufrecht. Neue Verträge gingen um 10% auf 2.292 zurück, mit einem Auftragsbestand von 1,56 Milliarden US-Dollar, was einem Rückgang von 13% gegenüber dem Vorjahr entspricht. Die Stornierungsrate stieg von 8% auf 10% im Jahresvergleich.
Positive Aspekte sind ein Rekordaktionärskapital von 3 Milliarden US-Dollar, ein Anstieg um 14%, sowie ein Buchwert je Aktie von 112 US-Dollar. Das Unternehmen erweiterte seine Präsenz auf 226 aktive Gemeinden, gegenüber 219 im Vorjahr, und hält eine starke Finanzlage mit 776 Millionen US-Dollar in bar und einer negativen Nettoverschuldungsquote von 3%.
- Record shareholders' equity of $3 billion, up 14% year-over-year
- Strong gross margin of 25.9%
- Solid cash position of $776 million with negative 3% net debt-to-capital ratio
- Increased community count to 226, with planned 5% growth
- Book value per share reached $112, showing strong asset value
- Revenue declined 7% to $976 million
- Net income decreased 19% to $111 million
- Home deliveries fell 8% to 1,976 units
- New contracts decreased 10% to 2,292
- Cancellation rate increased to 10% from 8%
- Backlog value dropped 13% to $1.56 billion
Insights
M/I Homes delivered mixed Q1 results with declining volumes but maintained strong margins and a fortress balance sheet despite housing market challenges.
M/I Homes' Q1 2025 results reflect the challenges facing the housing industry, with homes delivered decreasing 8% to 1,976 units and revenue declining 7% to
Despite volume pressures, M/I Homes maintained a robust 25.9% gross margin, demonstrating effective price-pace balancing in a challenging market. The 15% pre-tax profit margin and 19% return on equity highlight operational efficiency amid headwinds.
New contracts declined
The company's financial position is exceptionally strong, with record shareholders' equity of
M/I Homes is continuing to invest in growth, with community count increasing to 226 (from 219 a year ago) and plans to grow communities by
The
2025 First Quarter Highlights:
- Homes delivered decreased
8% to 1,976 from 2,158 - Revenue decreased
7% to$976 million - Pre-tax income decreased
19% to$146 million 15% of revenue - Net income of
$111 million $3.98 $138 million $4.78 - Shareholders' equity reached an all-time record
$3 billion 14% increase from a year ago, with book value per share of$112 - New contracts were 2,292, compared to 2,547 in last year's first quarter
- Repurchased
$50 million - Return on equity of
19%
The Company reported pre-tax income of
Homes delivered in 2025's first quarter decreased
Robert H. Schottenstein, Chief Executive Officer and President, commented, "Our first quarter results were solid despite the many challenges facing the housing industry, including declining consumer confidence. While our new contracts were down
Mr. Schottenstein added, "Though current conditions are choppy, and are likely to continue for the foreseeable future, we remain optimistic about our business and the longer-term outlook for the housing industry. Our balance sheet is the strongest in Company history. We ended the quarter with record net worth of
The Company will broadcast live its earnings conference call today at 10:30 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 April 2026.
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 including changes in trade policy affecting business including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, 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, 2024, 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 | |||
March 31, | |||
2025 | 2024 | ||
New contracts | 2,292 | 2,547 | |
Average community count | 223 | 216 | |
Cancellation rate | 10 % | 8 % | |
Backlog units | 2,847 | 3,391 | |
Backlog sales value | $ 1,559,251 | $ 1,789,340 | |
Homes delivered | 1,976 | 2,158 | |
Average home closing price | $ 476 | $ 471 | |
Homebuilding revenue: | |||
Housing revenue | $ 940,031 | $ 1,016,513 | |
Land revenue | 4,542 | 3,228 | |
Total homebuilding revenue | $ 944,573 | $ 1,019,741 | |
Financial services revenue | 31,520 | 26,962 | |
Total revenue | $ 976,093 | $ 1,046,703 | |
Cost of sales - operations | 723,310 | 763,360 | |
Gross margin | $ 252,783 | $ 283,343 | |
General and administrative expense | 59,073 | 56,084 | |
Selling expense | 52,786 | 53,940 | |
Operating income | $ 140,924 | $ 173,319 | |
Interest income, net of interest expense | (5,197) | (6,920) | |
Income before income taxes | $ 146,121 | $ 180,239 | |
Provision for income taxes | 34,884 | 42,178 | |
Net income | $ 111,237 | $ 138,061 | |
Earnings per share: | |||
Basic | $ 4.07 | $ 4.92 | |
Diluted | $ 3.98 | $ 4.78 | |
Weighted average shares outstanding: | |||
Basic | 27,314 | 28,052 | |
Diluted | 27,941 | 28,888 | |
M/I Homes, Inc. and Subsidiaries Summary Balance Sheet and Other Information (unaudited) (Dollars in thousands, except per share amounts) | |||
As of | |||
March 31, | |||
2025 | 2024 | ||
Assets: | |||
Total cash, cash equivalents and restricted cash (1) | $ 776,378 | $ 870,162 | |
Mortgage loans held for sale | 238,583 | 235,047 | |
Inventory: | |||
Lots, land and land development | 1,666,045 | 1,448,459 | |
Land held for sale | 3,903 | 136 | |
Homes under construction | 1,342,424 | 1,169,791 | |
Other inventory | 192,333 | 155,779 | |
Total Inventory | $ 3,204,705 | $ 2,774,165 | |
Property and equipment - net | 33,569 | 33,145 | |
Investments in joint venture arrangements | 70,727 | 59,146 | |
Operating lease right-of-use assets | 57,428 | 57,890 | |
Goodwill | 16,400 | 16,400 | |
Deferred income tax asset | 13,451 | 15,313 | |
Other assets | 173,982 | 150,683 | |
Total Assets | $ 4,585,223 | $ 4,211,951 | |
Liabilities: | |||
Debt - Homebuilding Operations: | |||
Senior notes due 2028 - net | $ 397,846 | $ 397,072 | |
Senior notes due 2030 - net | 297,495 | 296,991 | |
Total Debt - Homebuilding Operations | $ 695,341 | $ 694,063 | |
Notes payable bank - financial services operations | 227,957 | 224,321 | |
Total Debt | $ 923,298 | $ 918,384 | |
Accounts payable | 228,909 | 224,972 | |
Operating lease liabilities | 58,960 | 59,163 | |
Other liabilities | 367,722 | 370,647 | |
Total Liabilities | $ 1,578,889 | $ 1,573,166 | |
Shareholders' Equity | 3,006,334 | 2,638,785 | |
Total Liabilities and Shareholders' Equity | $ 4,585,223 | $ 4,211,951 | |
Book value per common share | $ 112.29 | $ 95.09 | |
Homebuilding debt to capital ratio (2) | 19 % | 21 % | |
(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 | |||
March 31, | |||
2025 | 2024 | ||
Cash provided by operating activities | $ 64,887 | $ 115,772 | |
Cash used in investing activities | $ (2,928) | $ (17,108) | |
Cash (used in) provided by financing activities | $ (107,151) | $ 38,694 | |
Land/lot purchases | $ 145,983 | $ 107,660 | |
Land development spending | $ 101,599 | $ 119,367 | |
Land sale revenue | $ 4,542 | $ 3,228 | |
Land sale gross profit | $ 786 | $ 1,313 | |
Financial services pre-tax income | $ 16,106 | $ 12,312 | |
M/I Homes, Inc. and Subsidiaries Non-GAAP Financial Results (1) (Dollars in thousands) | |||
Three Months Ended | |||
March 31, | |||
2025 | 2024 | ||
Net income | $ 111,237 | $ 138,061 | |
Add: | |||
Provision for income taxes | 34,884 | 42,178 | |
Interest income - net | (8,041) | (9,767) | |
Interest amortized to cost of sales | 6,901 | 8,302 | |
Depreciation and amortization | 4,777 | 4,467 | |
Non-cash charges | 4,200 | 3,539 | |
Adjusted EBITDA | $ 153,958 | $ 186,780 | |
(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 | ||||||
March 31, | ||||||
% | ||||||
Region | 2025 | 2024 | Change | |||
Northern | 1,065 | 1,162 | (8) % | |||
Southern | 1,227 | 1,385 | (11) % | |||
Total | 2,292 | 2,547 | (10) % | |||
HOMES DELIVERED | ||||||
Three Months Ended | ||||||
March 31, | ||||||
% | ||||||
Region | 2025 | 2024 | Change | |||
Northern | 826 | 843 | (2) % | |||
Southern | 1,150 | 1,315 | (13) % | |||
Total | 1,976 | 2,158 | (8) % | |||
BACKLOG | ||||||||||||
March 31, 2025 | March 31, 2024 | |||||||||||
Dollars | Average | Dollars | Average | |||||||||
Region | Units | (millions) | Sales Price | Units | (millions) | Sales Price | ||||||
Northern | 1,375 | $ 765 | $ 556,000 | 1,567 | $ 822 | $ 525,000 | ||||||
Southern | 1,472 | $ 795 | $ 540,000 | 1,824 | $ 967 | $ 530,000 | ||||||
Total | 2,847 | $ 1,559 | $ 548,000 | 3,391 | $ 1,789 | $ 528,000 | ||||||
LAND POSITION SUMMARY | ||||||||||||
March 31, 2025 | March 31, 2024 | |||||||||||
Lots | Lots Under | Lots | Lots Under | |||||||||
Region | Owned | Contract | Total | Owned | Contract | Total | ||||||
Northern | 6,855 | 9,501 | 16,356 | 7,005 | 9,279 | 16,284 | ||||||
Southern | 18,355 | 16,386 | 34,741 | 16,821 | 14,352 | 31,173 | ||||||
Total | 25,210 | 25,887 | 51,097 | 23,826 | 23,631 | 47,457 | ||||||
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SOURCE M/I Homes, Inc.
FAQ
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