M/I Homes Q2 Profit Tops Estimate; Revenue Misses

(RTTNews) - M/I Homes, Inc. (MHO) reported net income for the second quarter of $13.4 million or $0.43 per share, compared to $13.6 million or $0.44 per share for the year-ago quarter.

Excluding the reversal of $4.0 million of the company's state deferred tax asset valuation allowance, net income for the year-ago quarter were $9.6 million or $0.31 per share.

Total revenue for the second quarter rose to $322.86 million from $281.61 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.41 per share on revenue of $331.72 million for the second quarter.

The company delivered 919 homes in the second quarter, an increase of 3% from 894 homes delivered in the prior year quarter. New contracts for 2015's second quarter were 1,100, an increase of 8% from 2014's second quarter.