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Jun 30, 2022
M/I Homes Q2 2022 Earnings Report
M/I Homes reported record second-quarter net income and revenue growth.
Key Takeaways
M/I Homes announced strong second-quarter results, with record net income of $137 million, a 27% increase year-over-year. Revenue also reached a second-quarter record of $1.0 billion, up 8% from the previous year. The company's backlog sales value increased by 9% to $2.7 billion, also a second-quarter record.
Revenue increased 8% to $1.0 billion, a second quarter record.
Pre-tax income increased 29% to $182 million, an all-time quarter record.
Net income increased 27% to $137 million ($4.79 per diluted share) from 2021’s $108 million ($3.58 per diluted share).
Backlog sales value increased 9% to $2.7 billion, a second quarter record.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Revenue by Segment
Housing Revenue
CapyFin.comLand Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
M/I Homes anticipates continued market uncertainty due to rising interest rates and inflation, but remains confident in its strong financial position, low debt levels, and diverse product offerings.
Positive Outlook
- Strong financial condition with record shareholders’ equity of $1.8 billion.
- Zero borrowings on $550 million credit facility.
- Low homebuilding debt to capital ratio of 28%.
- Housing fundamentals remain solid with an undersupply of available homes and favorable demographics.
- Record backlog sales value.
Challenges Ahead
- Moderation in demand due to the rapid rise in interest rates.
- Continued inflationary pressures across the economy.
- Growing uncertainty on a number of fronts.
- Choppy market conditions may persist for some time.
- Cancellation rate increased to 11% compared to 7% in the second quarter of 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income