M/I Homes Q1 Profit Surges, Results Beat View - Quick Facts

(RTTNews) - M/I Homes, Inc. (MHO), a builder of single-family homes, on Wednesday reported first quarter net income of $31.7 million or $1.09 per share, up sharply from $17.7 million or $0.63 per share in the year-ago period.

Total revenue for the quarter increased 20 percent to $577.6 million from $481.11 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share for the quarter on revenues of $545.75 million. Analysts' estimates typically exclude special items.

The company noted that homes delivered increased 26 percent to a first quarter record of 1,495 homes, while new contracts increased 27 percent to all-time quarterly record of 2,089 contracts.

Backlog units increased 23 percent to 3,265, and backlog sales value reached $1.3 billion, an all-time quarterly record.

Robert Schottenstein, Chief Executive Officer and President of M/I Homes, said, "New contracts in the last of half of March were 50% below prior year levels. New contracts during the first three weeks of April have improved and are 35% below the comparable period in 2019. We are reviewing all aspects of our operations and adjusting our business as needed."