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Dec 31, 2023
M/I Homes Q4 2023 Earnings Report
M/I Homes reported a decrease in revenue and net income for Q4 2023, but new contracts increased significantly.
Key Takeaways
M/I Homes reported a decrease in revenue and net income for the fourth quarter of 2023, while new contracts saw a significant increase. The company's backlog decreased slightly, and the average sales price in backlog also declined. Despite these challenges, M/I Homes ended the year in a strong financial position with record shareholders' equity.
New contracts increased 61% to 1,588.
Backlog sales value decreased to $1.6 billion compared to $1.7 billion last year.
Homes delivered decreased 15% to 2,019.
Revenue decreased 20% to $972.6 million.
Revenue by Segment
Forward Guidance
M/I Homes is well positioned to continue delivering strong results given the strength of their balance sheet, diverse product offerings, and well-located communities. The company believes the industry will continue to benefit from strong fundamentals, including favorable demographic trends and an undersupply of housing.
Positive Outlook
- Strong balance sheet
- Diverse product offerings
- Well-located communities
- Favorable demographic trends
- Undersupply of housing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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