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Mar 31, 2024
M/I Homes Q1 2024 Earnings Report
M/I Homes reported record first quarter results driven by increased new contracts and home deliveries.
Key Takeaways
M/I Homes announced record first quarter results with a 5% increase in revenue to $1.05 billion and a 34% increase in net income to $138.1 million, driven by a 17% increase in new contracts and an 8% increase in homes delivered. The company's financial condition remains strong, with record shareholders' equity and substantial cash reserves.
New contracts increased by 17% to 2,547.
Homes delivered increased by 8% to a record 2,158.
Revenue increased by 5% to a record $1.05 billion.
Net income increased by 34% to a record $138.1 million, or $4.78 per diluted share.
Revenue by Segment
Forward Guidance
M/I Homes is positioned for a strong 2024 due to its first quarter performance, diverse product offerings, and well-located communities.
Positive Outlook
- Exceptional first quarter performance with records in homes delivered, revenue, and income.
- New contracts increased by 17%, indicating strong demand.
- Gross margins improved by 360 basis points to 27%.
- Pre-tax income increased by 33% to a first quarter record of $180.2 million.
- Strong financial condition with record shareholders’ equity and substantial cash reserves.
Challenges Ahead
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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