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Mar 31, 2020
M/I Homes Q1 2020 Earnings Report
M/I Homes reported record first quarter results with significant growth in revenue, net income, and new contracts.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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