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M/I Homes, Inc. (NYSE: MHO) is a prominent American homebuilding company founded in 1976, known for its innovation, superior customer service, and quality construction. With operations in homebuilding and financial services, M/I Homes serves a diverse customer base, including first-time, move-up, luxury, and empty nester buyers.
The company's homebuilding operations are strategically located across the Midwest, Mid-Atlantic, and Southern regions of the United States. These operations contribute the largest portion of the company's revenue. Key markets include Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; several cities in Florida and Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee.
M/I Homes also offers financial services that complement its homebuilding activities. These services include mortgage loans and title services, providing comprehensive support for their customers' home purchasing journey.
In recent developments, M/I Homes reported strong financial performance for the third quarter of 2023, with record revenues of $1 billion, and impressive increases in new contracts and home deliveries. The company also boasts a robust financial condition with significant cash reserves and no borrowings on its $650 million credit facility.
Continuing its commitment to shareholder value, M/I Homes recently announced an increase in its share repurchase authorization by an additional $100 million.
For the fiscal year 2023, M/I Homes delivered 8,112 homes, achieving a revenue of $4 billion. The company has 213 active communities and maintains a strong balance sheet with zero borrowings and a homebuilding debt to capital ratio of 22%.
As of the first quarter of 2024, M/I Homes continues its upward trajectory, reporting record first quarter pre-tax income and net income. The company aims to strengthen its market position through diverse product offerings and strategically located communities, ensuring it remains a leader in the U.S. homebuilding industry.
M/I Homes, Inc. (NYSE: MHO) reported strong first-quarter results for 2023, with revenues soaring 16% to a record $1.0 billion. Pre-tax income rose 11% to $136 million, and net income climbed 12% to $103.1 million ($3.64 per diluted share). Homes delivered increased 10% to 2,007, with an average sales price of $486,000. The company recorded an all-time high in shareholders' equity of $2.2 billion, reflecting a 28% year-over-year growth. However, new contracts fell 14% to 2,171, and backlog sales decreased significantly, showing a 38% decline to $1.7 billion. The cancellation rate also rose to 13% from 7% in Q1 2022. Despite challenging market conditions, M/I Homes remains optimistic about future demand due to strong fundamentals.
M/I Homes, Inc. (NYSE: MHO) has scheduled a webcast to announce its first quarter earnings on April 26, 2023, at 4:00 p.m. Eastern Time. Stakeholders can access the live presentation via the company’s website at www.mihomes.com. The earnings report will be released before the market opens on the same day. This event is part of M/I Homes' ongoing commitment to transparency with its investors, focusing on performance metrics pertinent to the homebuilding sector, where the company operates in multiple key markets including Ohio, Indiana, Illinois, and Florida. The webcast will provide valuable insights for investors looking to evaluate M/I Homes' financial health and market position.
M/I Homes, Inc. (NYSE: MHO) reported strong fourth quarter 2022 results with record revenue and net income. Homes delivered rose 3% to 2,384, and revenue increased 16% to $1.2 billion. Pre-tax income and net income both grew by 16% and 15% respectively. However, new contracts fell sharply by 44% to 985, and backlog sales value decreased 28% to $1.7 billion. For the full year, revenue was a record $4.1 billion, a 10% increase, while net income reached $490.7 million, up 24%. The company noted challenges from rising interest rates but maintains confidence in the housing market's long-term outlook due to favorable demographics.
M/I Homes, Inc. (NYSE:MHO) announced its entry into the Fort Myers/Naples, Florida market on January 25, 2023. Kevin Brown has been appointed Area President to lead this expansion. The company plans to open its first community shortly and expects two additional communities by mid-year. CEO Robert H. Schottenstein expressed optimism about the growth potential in this dynamic region, building on the success of existing operations in Orlando, Tampa, and Sarasota. M/I Homes is recognized as one of the nation's top homebuilders, with a presence across several major U.S. markets.
M/I Homes, Inc. (NYSE:MHO) has announced a live webcast scheduled for February 1, 2023, at 4:00 p.m. Eastern Time, to discuss its fourth quarter and year-end earnings. The results will be reported before the market opens on the same day. Investors and analysts can access the webcast via the company's website. M/I Homes operates in various locations across the United States, including Ohio, Texas, and Florida, focusing on building single-family homes.
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