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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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