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Jun 30, 2021
M/I Homes Q2 2021 Earnings Report
M/I Homes reported record-setting results for the second quarter of 2021, marked by significant growth in net income, homes delivered, and revenue.
Key Takeaways
M/I Homes announced record second quarter results with a 97% increase in net income, a 23% increase in homes delivered, and a 35% increase in revenue. The company also approved a $100 million share repurchase authorization.
New contracts reached a second quarter record of 2,267.
Backlog units increased 49% to 5,488, an all-time record.
Backlog sales value reached $2.5 billion, an all-time record.
Revenue increased 35% to $961.0 million, an all-time quarterly record.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
M/I Homes Revenue by Geographic Location
Forward Guidance
M/I Homes has significant operating momentum and is poised to continue delivering strong results.
Positive Outlook
- The company had a record-setting second quarter.
- Net income increased by 97%.
- Homes delivered increased by 23%.
- Revenue increased by 35%.
- Gross margins were very strong, improving 320 basis points over last year to 25.1%.
Challenges Ahead
- Community count was down throughout the quarter, significantly limiting sales in the majority of communities.
- Cancellation rate was 7% in the second quarter of 2021 compared to 14% in the second quarter of 2020.
- The company's land position decreased from 34,517 lots in 2020 to 44,040 lots in 2021.
- The company's average community count decreased from 222 to 181.
- The company's northern new contracts decreased by 4%.