M/I Homes Q4 Profit Beats Estimates, But Revenues Miss - Quick Facts

(RTTNews) - M/I Homes, Inc. (MHO), a builder of single-family homes, reported Tuesday that its net income for the fourth quarter rose to $80.1 million or $2.71 per share from $41.8 million or $1.44 per share in the previous-year quarter.

Adjusted earnings for the quarter were $2.95 per share, compared to $1.57 per share in the prior-year quarter.

Total revenue for the quarter grew 22 percent to $906.43 million from $742.15 million in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.42 per share for the quarter on revenues of $961.99 million. Analysts' estimates typically exclude special items.

M/I Homes noted that homes delivered in the latest quarter increased 17 percent an all-time quarterly record of 2,242 from 1,921 in the year-ago period. New contracts rose 27 percent to 2,128 from 1,677 last year.

Backlog units increased 64 percent to 4,389, a fourth quarter record, and backlog sales value reached $1.8 billion, an all-time quarterly record.