M/I Homes Reports Fourth Quarter and Year-End Results
M/I Homes (NYSE:MHO) reported record-breaking results for Q4 and full-year 2024. The company achieved significant growth with Q4 net income rising 27% to $133.5 million ($4.71 per share) and full-year net income increasing 21% to $563.7 million ($19.71 per share).
Key highlights include: Q4 home deliveries up 19% to 2,402 units; full-year deliveries increased 12% to 9,055 units; Q4 revenue grew 24% to $1.2 billion; and annual revenue rose 12% to $4.5 billion. The company maintained strong financial health with shareholders' equity reaching $2.9 billion, a book value of $109 per share, and a homebuilding debt to capital ratio of 19%.
The company repurchased $50 million of stock in Q4 and $176 million throughout 2024. While new contracts increased 8% annually to 8,584, homes in backlog decreased 16% to 2,531 units with a sales value of $1.4 billion, though the average sales price in backlog rose 5% to $553,000.
M/I Homes (NYSE:MHO) ha riportato risultati record per il quarto trimestre e l'intero anno 2024. L'azienda ha ottenuto una crescita significativa con un utile netto nel quarto trimestre aumentato del 27% a 133,5 milioni di dollari (4,71 dollari per azione) e un utile netto annuale cresciuto del 21% a 563,7 milioni di dollari (19,71 dollari per azione).
I punti salienti includono: le consegne di case nel quarto trimestre aumentate del 19% a 2.402 unità; le consegne annuali aumentate del 12% a 9.055 unità; il fatturato del quarto trimestre cresciuto del 24% a 1,2 miliardi di dollari; e il fatturato annuale salito del 12% a 4,5 miliardi di dollari. L'azienda ha mantenuto una forte salute finanziaria con il patrimonio netto dei soci che ha raggiunto 2,9 miliardi di dollari, un valore contabile di 109 dollari per azione e un rapporto debito da costruzione abitativa su capitale del 19%.
L'azienda ha riacquistato 50 milioni di dollari di azioni nel quarto trimestre e 176 milioni di dollari nell'arco del 2024. Sebbene i nuovi contratti siano aumentati dell'8% su base annua a 8.584, le case in backlog sono diminuite del 16% a 2.531 unità con un valore di vendita di 1,4 miliardi di dollari, sebbene il prezzo medio di vendita in backlog sia aumentato del 5% a 553.000 dollari.
M/I Homes (NYSE:MHO) reportó resultados récord para el cuarto trimestre y el año completo 2024. La compañía logró un crecimiento significativo con un ingreso neto del cuarto trimestre que aumentó un 27% a 133.5 millones de dólares (4.71 dólares por acción) y un ingreso neto anual incrementado en un 21% a 563.7 millones de dólares (19.71 dólares por acción).
Los aspectos destacados incluyen: entregas de casas en el cuarto trimestre aumentadas en un 19% a 2,402 unidades; entregas anuales incrementadas en un 12% a 9,055 unidades; ingresos del cuarto trimestre crecieron un 24% a 1.2 mil millones de dólares; y los ingresos anuales aumentaron un 12% a 4.5 mil millones de dólares. La compañía mantuvo una sólida salud financiera con el patrimonio neto de los accionistas alcanzando 2.9 mil millones de dólares, un valor contable de 109 dólares por acción, y un ratio de deuda de construcción de viviendas sobre capital del 19%.
La compañía recompró 50 millones de dólares de acciones en el cuarto trimestre y 176 millones de dólares durante 2024. Mientras que los nuevos contratos aumentaron un 8% anualmente a 8,584, las casas en backlog disminuyeron un 16% a 2,531 unidades con un valor de venta de 1.4 mil millones de dólares, aunque el precio de venta promedio en backlog aumentó un 5% a 553,000 dólares.
M/I Homes (NYSE:MHO)는 2024년 4분기와 연간 실적에서 기록적인 결과를 발표했습니다. 회사는 4분기 순이익이 27% 증가한 1억 3천 3백 50만 달러(주당 4.71달러), 연간 순이익이 21% 증가한 5억 6천 3백 70만 달러(주당 19.71달러)로 상당한 성장을 달성했습니다.
주요 하이라이트는 다음과 같습니다: 4분기 주택 인도가 19% 증가한 2,402 대; 연간 인도가 12% 증가한 9,055 대; 4분기 수익이 24% 증가한 12억 달러; 연간 수익은 12% 증가한 45억 달러. 회사는 주주 자본이 29억 달러에 도달하고 주당 장부 가치가 109달러, 주택 건설 부채와 자본 비율이 19%로 유지되는 등 강력한 재무건전성을 유지했습니다.
회사는 4분기에 5천만 달러의 주식을 재매입하고 2024년 동안 1억 7천 6백만 달러를 재매입했습니다. 신규 계약은 연간 8% 증가하여 8,584건에 달했고, 미결제 주택은 16% 감소하여 2,531대가 되었으며, 판매 가치는 14억 달러였습니다. 그러나 미결제 주택의 평균 판매 가격은 5% 증가하여 553,000달러에 이르렀습니다.
M/I Homes (NYSE:MHO) a annoncé des résultats records pour le quatrième trimestre et l'année complète 2024. L'entreprise a enregistré une croissance significative avec un bénéfice net du quatrième trimestre en hausse de 27% à 133,5 millions de dollars (4,71 dollars par action) et un bénéfice net annuel en hausse de 21% à 563,7 millions de dollars (19,71 dollars par action).
Les principaux points forts incluent : les livraisons de maisons au quatrième trimestre en hausse de 19% à 2 402 unités; les livraisons annuelles en augmentation de 12% à 9 055 unités; les revenus du quatrième trimestre en hausse de 24% à 1,2 milliard de dollars; et les revenus annuels augmentés de 12% à 4,5 milliards de dollars. L'entreprise a maintenu une solide santé financière avec des capitaux propres atteignant 2,9 milliards de dollars, une valeur comptable de 109 dollars par action et un ratio d'endettement en construction de logements de 19%.
L'entreprise a racheté pour 50 millions de dollars d'actions au quatrième trimestre et 176 millions de dollars tout au long de 2024. Bien que les nouveaux contrats aient augmenté de 8% par an pour atteindre 8 584, les maisons en attente ont diminué de 16% à 2 531 unités avec une valeur de vente de 1,4 milliard de dollars, bien que le prix de vente moyen des maisons en attente ait augmenté de 5% à 553 000 dollars.
M/I Homes (NYSE:MHO) berichtete von rekordverdächtigen Ergebnissen für das vierte Quartal und das gesamte Jahr 2024. Das Unternehmen verzeichnete ein signifikantes Wachstum, wobei der Nettogewinn im vierten Quartal um 27% auf 133,5 Millionen Dollar (4,71 Dollar pro Aktie) stieg und der Nettogewinn über das Jahr um 21% auf 563,7 Millionen Dollar (19,71 Dollar pro Aktie) zunahm.
Zu den wichtigsten Highlights gehören: Die Hauslieferungen im vierten Quartal stiegen um 19% auf 2.402 Einheiten; die jährlichen Lieferungen erhöhten sich um 12% auf 9.055 Einheiten; die Einnahmen im vierten Quartal wuchsen um 24% auf 1,2 Milliarden Dollar; und die jährlichen Einnahmen stiegen um 12% auf 4,5 Milliarden Dollar. Das Unternehmen hielt eine starke finanzielle Gesundheit aufrecht, wobei das Eigenkapital der Aktionäre 2,9 Milliarden Dollar erreichte, ein Buchwert von 109 Dollar pro Aktie erzielt wurde und die Bauverschuldung im Verhältnis zum Kapital bei 19% lag.
Das Unternehmen hat im vierten Quartal Aktien im Wert von 50 Millionen Dollar und im gesamten Jahr 2024 Aktien im Wert von 176 Millionen Dollar zurückgekauft. Während die neuen Aufträge jährlich um 8% auf 8.584 stiegen, sank die Anzahl der unverkauften Häuser um 16% auf 2.531 Einheiten mit einem Verkaufswert von 1,4 Milliarden Dollar, obwohl der durchschnittliche Verkaufspreis der unverkauften Häuser um 5% auf 553.000 Dollar stieg.
- Q4 net income increased 27% to $133.5 million
- Full-year revenue grew 12% to $4.5 billion
- Record quarterly home deliveries up 19% to 2,402 units
- Strong financial position with $822 million cash and zero credit facility borrowings
- Book value per share reached record $109
- Gross margins improved to 26.6% from 25.3%
- Return on equity of 21%
- Homes in backlog decreased 16% to 2,531 units
- Backlog sales value declined 11% to $1.4 billion
- Slight increase in cancellation rate to 14% from 13% YoY
Insights
M/I Homes' Q4 and full-year 2024 results demonstrate remarkable operational execution and financial strength. The
The
The company's fortress balance sheet, with
The low
2024 Fourth Quarter Results:
- Record fourth quarter homes delivered and income
- New contracts increased
11% to 1,759 - Homes delivered increased
19% to 2,402 - Revenue of
$1.2 billion 24% - Pre-tax income of
$171 million 24% - Net income increased
27% to$133.5 million $4.71 $105 million $3.66 - Repurchased
$50 million
2024 Full Year Results:
- Record homes delivered, revenue and income
- New contracts increased
8% to 8,584 - Homes delivered increased
12% to 9,055 - Revenue increased
12% to$4.5 billion - Pre-tax income increased
21% to$734 million 16% of revenue - Net income increased
21% to$564 million $19.71 - Shareholders' equity reached an all-time record of
$2.9 billion 17% increase from a year ago, with book value per share of$109 - Repurchased
$176 million - Return on equity of
21% - Homebuilding debt to capital ratio of
19% compared to22% at December 31, 2023
For the fourth quarter of 2024, the Company reported net income of
Homes delivered in 2024's fourth quarter reached an all-time quarterly record of 2,402, a
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had an outstanding 2024 highlighted by all-time records in homes delivered, revenue and income. Our homes delivered increased
Mr. Schottenstein continued, "We are in excellent financial condition. We ended the year with record shareholders' equity 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 January 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, 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 | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
New contracts | 1,759 | 1,588 | 8,584 | 7,977 | |||
Average community count | 219 | 209 | 216 | 202 | |||
Cancellation rate | 14 % | 13 % | 10 % | 11 % | |||
Backlog units | 2,531 | 3,002 | 2,531 | 3,002 | |||
Backlog sales value | |||||||
Homes delivered | 2,402 | 2,019 | 9,055 | 8,112 | |||
Average home closing price | $ 490 | $ 471 | $ 483 | $ 483 | |||
Homebuilding revenue: | |||||||
Housing revenue | $ 950,872 | ||||||
Land revenue | 882 | 2,025 | 12,635 | 25,301 | |||
Total homebuilding revenue | $ 952,897 | ||||||
Financial services revenue | 28,512 | 19,691 | 116,206 | 93,829 | |||
Total revenue | $ 972,588 | ||||||
Cost of sales - operations | 908,452 | 728,202 | 3,305,781 | 3,014,573 | |||
Gross margin | $ 296,825 | $ 244,386 | |||||
General and administrative expense | 70,059 | 60,284 | 258,422 | 222,765 | |||
Selling expense | 62,775 | 54,256 | 234,373 | 208,942 | |||
Operating income | $ 163,991 | $ 129,846 | $ 706,094 | $ 587,222 | |||
Other loss (income) | — | 1 | — | (33) | |||
Interest income, net of interest expense | (6,566) | (8,129) | (27,514) | (20,022) | |||
Income before income taxes | $ 170,557 | $ 137,974 | $ 733,608 | $ 607,277 | |||
Provision for income taxes | 37,088 | 32,692 | 169,883 | 141,912 | |||
Net income | $ 133,469 | $ 105,282 | $ 563,725 | $ 465,365 | |||
Earnings per share: | |||||||
Basic | $ 4.85 | $ 3.79 | $ 20.29 | $ 16.76 | |||
Diluted | $ 4.71 | $ 3.66 | $ 19.71 | $ 16.21 | |||
Weighted average shares outstanding: | |||||||
Basic | 27,538 | 27,769 | 27,777 | 27,769 | |||
Diluted | 28,308 | 28,756 | 28,600 | 28,716 | |||
M/I Homes, Inc. and Subsidiaries Summary Balance Sheet and Other Information (unaudited) (Dollars in thousands, except per share amounts) | |||
As of | |||
December 31, | |||
2024 | 2023 | ||
Assets: | |||
Total cash, cash equivalents and restricted cash | $ 821,570 | $ 732,804 | |
Mortgage loans held for sale | 283,540 | 176,329 | |
Inventory: | |||
Lots, land and land development | 1,630,190 | 1,446,576 | |
Land held for sale | 7,699 | 6,932 | |
Homes under construction | 1,271,626 | 1,177,101 | |
Other inventory | 182,347 | 166,542 | |
Total Inventory | $ 3,091,862 | $ 2,797,151 | |
Property and equipment - net | 34,513 | 34,918 | |
Operating lease right-of-use assets | 53,895 | 56,364 | |
Goodwill | 16,400 | 16,400 | |
Investments in joint venture arrangements | 65,334 | 44,011 | |
Deferred income tax asset | 13,451 | 16,094 | |
Other assets | 169,231 | 148,369 | |
Total Assets | $ 4,549,796 | $ 4,022,440 | |
Liabilities: | |||
Debt - Homebuilding Operations: | |||
Senior notes due 2028 - net | 397,653 | 396,879 | |
Senior notes due 2030 - net | 297,369 | 296,865 | |
Total Debt - Homebuilding Operations | $ 695,022 | $ 693,744 | |
Notes payable bank - financial services operations | 286,159 | 165,844 | |
Total Debt | $ 981,181 | $ 859,588 | |
Accounts payable | 198,579 | 204,678 | |
Operating lease liabilities | 55,365 | 57,566 | |
Other liabilities | 374,994 | 383,669 | |
Total Liabilities | $ 1,610,119 | $ 1,505,501 | |
Shareholders' Equity | 2,939,677 | 2,516,939 | |
Total Liabilities and Shareholders' Equity | $ 4,549,796 | $ 4,022,440 | |
Book value per common share | $ 108.62 | $ 90.66 | |
Homebuilding debt / capital ratio(1) | 19 % | 22 % | |
(1) | 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 (Dollars in thousands) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash provided by operating activities | $ 104,395 | $ 54,901 | $ 179,736 | $ 552,131 | |||
Cash used in investing activities | $ (9,859) | $ (4,500) | $ (54,896) | $ (18,632) | |||
Cash provided by (used in) financing activities | $ 7,114 | $ (53,849) | $ (36,074) | $ (112,237) | |||
Land/lot purchases | $ 107,384 | $ 95,930 | $ 472,937 | $ 343,504 | |||
Land development spending | $ 201,301 | $ 159,550 | $ 645,960 | $ 512,105 | |||
Land sale revenue | $ 882 | $ 2,025 | $ 12,635 | $ 25,301 | |||
Land sale gross profit | $ 391 | $ 356 | $ 3,709 | $ 3,360 | |||
Financial services pre-tax income | $ 10,034 | $ 4,676 | $ 49,682 | $ 38,354 | |||
M/I Homes, Inc. and Subsidiaries Non-GAAP Financial Results (1) (Dollars in thousands) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income | $ 133,469 | $ 105,282 | $ 563,725 | $ 465,365 | |||
Add: | |||||||
Provision for income taxes | 37,088 | 32,692 | 169,883 | 141,912 | |||
Interest income - net | (10,177) | (10,908) | (40,719) | (30,030) | |||
Interest amortized to cost of sales | 8,181 | 7,724 | 32,053 | 33,326 | |||
Depreciation and amortization | 4,810 | 4,479 | 18,700 | 17,369 | |||
Non-cash charges | 9,709 | 13,241 | 23,808 | 20,247 | |||
Adjusted EBITDA | $ 183,080 | $ 152,510 | $ 767,450 | $ 648,189 | |||
(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 | Twelve Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
% | % | |||||||||||
Region | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Northern | 707 | 699 | 1 % | 3,761 | 3,361 | 12 % | ||||||
Southern | 1,052 | 889 | 18 % | 4,823 | 4,616 | 4 % | ||||||
Total | 1,759 | 1,588 | 11 % | 8,584 | 7,977 | 8 % | ||||||
HOMES DELIVERED | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
% | % | |||||||||||
Region | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Northern | 1,064 | 848 | 25 % | 3,873 | 3,169 | 22 % | ||||||
Southern | 1,338 | 1,171 | 14 % | 5,182 | 4,943 | 5 % | ||||||
Total | 2,402 | 2,019 | 19 % | 9,055 | 8,112 | 12 % | ||||||
BACKLOG | ||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||
Dollars | Average | Dollars | Average | |||||||||
Region | Units | (millions) | Sales Price | Units | (millions) | Sales Price | ||||||
Northern | 1,136 | $ 637 | $ 561,000 | 1,248 | $ 663 | $ 531,000 | ||||||
Southern | 1,395 | $ 763 | $ 547,000 | 1,754 | $ 912 | $ 520,000 | ||||||
Total | 2,531 | $ 1,400 | $ 553,000 | 3,002 | $ 1,576 | $ 525,000 | ||||||
LAND POSITION SUMMARY | ||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||
Lots | Lots Under | Lots | Lots Under | |||||||||
Region | Owned | Contract | Total | Owned | Contract | Total | ||||||
Northern | 6,546 | 11,076 | 17,622 | 6,852 | 8,935 | 15,787 | ||||||
Southern | 17,290 | 17,244 | 34,534 | 17,522 | 12,351 | 29,873 | ||||||
Total | 23,836 | 28,320 | 52,156 | 24,374 | 21,286 | 45,660 | ||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/mi-homes-reports-fourth-quarter-and-year-end-results-302362443.html
SOURCE M/I Homes, Inc.
FAQ
What was M/I Homes (MHO) Q4 2024 earnings per share?
How many homes did MHO deliver in full-year 2024?
What was MHO's homebuilding debt to capital ratio in 2024?
How much stock did MHO repurchase in 2024?
What was MHO's backlog value at the end of 2024?
