M/I Homes Q2 2023 Earnings Report
Key Takeaways
M/I Homes announced its Q2 2023 results, which included a 21% increase in new contracts, a 7% decrease in homes delivered, and a 3% decrease in revenue to $1.0 billion. Net income was $118.0 million, or $4.12 per diluted share, a 14% decrease from the previous year. The company's financial condition remains strong, with record shareholders' equity of $2.3 billion and available liquidity in excess of $1 billion.
New contracts increased 21% to 2,197 contracts.
Delivered 1,990 homes, down 7% from 2022.
Revenue reached $1.0 billion, a 3% decrease from the previous year.
Net income totaled $118.0 million ($4.12 per diluted share), a 14% decrease from 2022.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Forward Guidance
M/I Homes believes its industry will continue to benefit from strong fundamentals, including favorable demographic trends and an undersupply of housing, and that it is well positioned to continue delivering strong results.
Positive Outlook
- Favorable demographic trends
- Undersupply of housing
- Strong financial condition
- Record shareholders’ equity
- Available liquidity in excess of $1 billion
Challenges Ahead
- Higher interest rates
- Uncertain economic conditions
- Decrease in homes delivered
- Decrease in revenue
- Decrease in net income