Record Second Quarter Revenue and Homes Delivered
M/I Homes achieved record second quarter revenue of $1.2 billion, a 5% increase from the previous year. The company also delivered a record 2,348 homes, marking a 6% increase compared to a year ago.
Strong Financial Position
The company ended the second quarter with $3.1 billion in equity, marking a 17% increase in book value per share from a year ago. Additionally, M/I Homes had zero borrowings under its $650 million unsecured revolving credit facility and $800 million in cash.
Mortgage and Title Operations Growth
The mortgage and title operations recorded a pretax income of $14.5 million, a slight increase from the previous year. Revenue from these operations increased by 2% to a second quarter record of $31.5 million.
Community Expansion
The company ended the second quarter with a record 234 communities and plans to increase the average community count by about 5% from 2024.
Stable Land Position
M/I Homes owns approximately 24,500 lots and controls an additional 26,000 through option contracts, totaling a 5- to 6-year supply of lots.