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M/I Homes (MHO)
NYSE:MHO
Earnings Data
Report Date
Apr 23, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
4.16Last Year’s EPS
4.78Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Jan 29, 2025
|% Change Since: -11.80%
|Next Earnings Date:Apr 23, 2025
Earnings Call Sentiment|Neutral
M/I Homes had a record year in 2024 with strong financial performance and strategic growth in new contracts and lot supply. However, the company faced challenges in the fourth quarter due to rising mortgage rates and specific market pressures, particularly in Tampa. Despite some margin compression, the company remains optimistic about future growth and demand.Company Guidance
In the fourth quarter and year-end earnings call for M/I Homes, the company provided detailed guidance on its financial performance for fiscal year 2024. The company achieved record homes delivered, with a total of 9,055 homes, marking a 12% increase from the previous year. This contributed to a record revenue of $4.5 billion, also a 12% increase over 2023. Gross margins for the year were 26.6%, improving by 130 basis points year-over-year, while the pre-tax margin rose to 16.3% from 15.1% in 2023. Pre-tax income reached a record $734 million, a 21% increase from the prior year, alongside a return on equity of 21%. The company's average community count grew by 7% over 2023, and it plans a further 5% growth in 2025. The Southern region led with a 14% increase in deliveries during the fourth quarter, while the Northern region saw a 25% increase. M/I Homes ended the year with a substantial land position, owning approximately 23,800 lots and controlling an additional 28,400 lots, which equates to a 5.5-year supply. Financially, the company reported an all-time high equity of $2.9 billion, a debt-to-capital ratio of 19%, and a net debt-to-capital ratio of negative 5%. The company intends to continue using mortgage rate buy-downs to address homebuyer affordability and demand challenges, although it anticipates some compression in gross margins in 2025. Despite these challenges, the company remains optimistic about the long-term prospects of the homebuilding industry, supported by underlying consumer demographics and household formation trends.Record Year in 2024
M/I Homes achieved record homes delivered, record revenue of $4.5 billion (12% increase over 2023), record income, and strong returns in 2024.
Improved Margins
Gross margins for 2024 were 26.6%, 130 basis points better than 2023. Pre-tax margin improved to 16.3% compared to 15.1% in 2023.
Strong Financial Position
Ended the year with $2.9 billion in equity, no borrowings under $650 million credit facility, and $800 million in cash. Debt-to-capital ratio decreased to 19% from 22%.
Increase in New Contracts
New contracts increased 4% in Southern region and 12% in Northern region for the year. Fourth quarter new contracts were up 11% compared to last year.
Significant Lot Supply
Own and control over 52,000 single-family lots, representing a 5.5-year supply, up 14% from the previous year.
Mortgage Company Growth
Pre-tax income for mortgage operations increased to $10 million in the fourth quarter, with revenues up 45% over last year.
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MHO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MHO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Jan 29, 2025 | $135.26 | $128.44 | -5.04% |
| Oct 30, 2024 | $153.45 | $153.00 | -0.29% |
| Jul 30, 2024 | $166.67 | $167.60 | +0.56% |
| Apr 24, 2024 | $119.47 | $122.42 | +2.47% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does M/I Homes (MHO) report earnings?
M/I Homes (MHO) is schdueled to report earning on Apr 23, 2025, TBA Not Confirmed.
What is M/I Homes (MHO) earnings time?
M/I Homes (MHO) earnings time is at Apr 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MHO EPS forecast?
MHO EPS forecast for the fiscal quarter 2025 (Q1) is 4.16.
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