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Dec 31, 2022
M/I Homes Q4 2022 Earnings Report
M/I Homes reported record revenue and net income for Q4 2022, driven by an increase in homes delivered and average home closing price.
Key Takeaways
M/I Homes announced record fourth-quarter results, with revenue reaching $1.2 billion, a 16% increase year-over-year, and net income rising to $130.4 million, or $4.65 per diluted share. The company's performance was driven by a 3% increase in homes delivered, reaching an all-time quarterly record of 2,384, and an increase in average home closing price. However, new contracts decreased by 44% compared to the previous year.
Homes delivered increased 3% to 2,384, an all-time quarterly record.
Revenue increased 16% to an all-time quarterly record of $1.2 billion.
Pre-tax income increased 16% to $164.2 million, a fourth-quarter record.
Net income increased 15% to $130.4 million ($4.65 per diluted share).
Revenue by Segment
Forward Guidance
M/I Homes acknowledges the impact of rising interest rates on demand but remains confident in the long-term outlook due to favorable demographics and undersupply of homes.
Positive Outlook
- Strength of the balance sheet
- Low debt levels
- Diverse product offerings
- Well-located communities
- Favorable homebuyer demographics
Challenges Ahead
- Rapid rise in interest rates
- Material impact on demand
- Challenging current conditions
- Cancellation rate of 30% in 2022's fourth quarter compared to 10% for the prior year's fourth quarter.
- New contracts for 2022’s fourth quarter decreased 44% to 985 from 1,744 new contracts in 2021’s fourth quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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