M/I Homes Q1 Net Income Rises; Revenue Up 16%

(RTTNews) - M/I Homes, Inc. (MHO) reported that its first quarter net income increased 12% to $103.1 million or $3.64 per share from $91.8 million or $3.16 per share, prior year. Pre-tax income increased 11% to $136.0 million. Revenue increased 16% to $1.0 billion. Homes delivered increased 10% to 2,007.

"We ended the quarter with record shareholders' equity of $2.2 billion, an increase of 28% over last year, book value of $79 per share, cash of $543 million, zero borrowings on our $650 million credit facility, and a homebuilding debt to capital ratio of 24%," Robert Schottenstein, CEO and President, stated.

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