M/I Homes reports Q2 EPS $5.12 vs. $4.12 last year

Reports Q2 revenue $1.1B vs. $1.0B last year. Homes delivered in 2024’s second quarter increased 12% to 2,224 homes. This compares to 1,990 homes delivered in 2023’s second quarter. CEO Robert Schottenstein commented, “We had a very strong Q2 highlighted by all-time quarterly records in income, gross margins and pre-tax margins. For the quarter, revenue increased by 9%, gross margins were 28% compared to 25% a year-ago, pre-tax margins were 17.5% compared to 15.3% a year ago, and pre-tax income improved by 25% to an all-time record $194.1M. These results produced a solid 21% return on equity. Our financial condition is strong. We ended the quarter with record shareholders’ equity of $2.7B, an increase of 19% from a year ago, book value of $100 per share, cash of $837M, a homebuilding debt to capital ratio of 20%, and a net-debt-to-capital ratio of negative 6%. Given our first-half performance, along with the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities, we are positioned to have a very strong 2024.”