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Mar 31, 2023
M/I Homes Q1 2023 Earnings Report
M/I Homes reported record revenue and income, driven by a 16% revenue increase and a 10% increase in homes delivered.
Key Takeaways
M/I Homes announced strong first quarter results with record revenue of $1.0 billion, a 16% increase, and record net income of $103.1 million, a 12% increase. Homes delivered increased by 10% to 2,007, and the average sales price increased by 6% to $486,000.
Revenue increased 16% to a first quarter record of $1.0 billion.
Pre-tax income increased 11% to a first quarter record of $136.0 million.
Net income increased 12% to a first quarter record of $103.1 million ($3.64 per diluted share).
Homes delivered increased 10% to 2,007 and average sales price increased 6% to $486,000.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Revenue by Segment
Financial Services Revenue
CapyFin.com Forward Guidance
The company remains optimistic about the housing market due to strong fundamentals, favorable demographic trends, and an undersupply of housing. They are well-positioned with diverse markets and product offerings, a strong balance sheet, and low leverage.
Positive Outlook
- Strong desire for home ownership remains.
- Industry will continue to benefit from strong fundamentals.
- Favorable demographic trends.
- Undersupply of housing.
- Well positioned with diverse markets and product offerings.
Challenges Ahead
- Significantly higher interest rates.
- Inflationary pressures.
- Persistent uncertainty regarding the general economy.
- New contracts decreased 14% to 2,171 contracts
- Backlog sales value decreased to $1.7 billion compared to $2.8 billion a year-ago