M/I Homes Q1 2022 Earnings Report
Key Takeaways
M/I Homes announced strong first quarter results with record revenue of $860.8 million, a 4% increase year-over-year. Pre-tax income increased by 11% to $122.3 million, and net income rose by 8% to $91.8 million ($3.16 per diluted share). The company's backlog also reached record levels, with backlog units increasing by 1% to 5,526 and backlog sales value increasing by 17% to $2.8 billion.
Revenue increased 4% to a record $860.8 million.
Pre-tax income increased 11% to a record $122.3 million.
Net income increased 8% to a record $91.8 million, or $3.16 per diluted share.
Backlog sales value increased 17% to a record $2.8 billion.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Forward Guidance
M/I Homes anticipates another year of strong results in 2022, supported by a record backlog, strong backlog margins, and a record number of new community openings planned for the year.
Positive Outlook
- Record backlog provides a solid foundation for future revenue.
- Strong backlog margins are expected to contribute to profitability.
- A record number of new community openings are planned for the year, expanding the company's footprint.
- Demand for new homes remains strong despite increasing interest rates.
- Shareholders equity of $1.7 billion.
Challenges Ahead
- Unprecedented labor challenges are impacting deliveries.
- Supply chain issues are creating delays and increasing costs.
- Community count declined by 6%.
- Rising interest rates could potentially dampen demand in the future.
- The cancellation rate was 7%.