M/I Homes Q1 2020 Earnings Report
Key Takeaways
M/I Homes announced record-setting first-quarter results, marked by a 79% increase in net income to $31.7 million and all-time quarterly records in new contracts and backlog sales value. The company's revenues, pre-tax income, homes delivered, and backlog units each improved by over 20% compared to the previous year.
Homes delivered increased 26% to a first quarter record of 1,495 homes.
Revenue increased 20% to a first quarter record of $577.6 million.
Pre-tax income increased 76% to $41.4 million, a first quarter record.
New contracts increased 27% to 2,089 contracts, an all-time quarterly record.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Forward Guidance
The pandemic first began impacting our results in the second half of March. New contracts in the last of half of March were 50% below prior year levels. New contracts during the first three weeks of April have improved and are 35% below the comparable period in 2019.