M/I Homes Reports
2018 Third Quarter Results
Columbus, Ohio (October 24, 2018) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2018.
2018 Third Quarter Highlights:
New contracts increased 6% to a third quarter record 1,302 contracts
Backlog sales value increased 25% to a third quarter record of $1.1 billion, and backlog units
increased 20% to 2,846
Revenue increased 19% to a third quarter record of $568 million
Homes delivered increased 13% to a third quarter record 1,422 homes
Net income increased by 31% to a third quarter record of $29.3 million from
$22.3 million in 2017
Diluted earnings per share increased 58% to $1.01 from $0.64 in 2017, which included a $2.3 million equity adjustment due to the redemption of preferred shares
Shareholders’ equity reached an all-time record of $835 million, a 16% increase from a year ago,
with book value per share of $29.69
For the third quarter of 2018, the Company reported net income of $29.3 million, or $1.01 per diluted share. This compares to net income of $22.3 million, or $0.64 per diluted share, for the third quarter of 2017. The third quarter of 2018 included a $0.7 million pre-tax purchase accounting charge ($0.02 per diluted share) related to our acquisition of Pinnacle Homes in Detroit, Michigan in the first quarter of 2018. The third quarter of 2017 included a $2.3 million after-tax equity adjustment ($0.07 per diluted share) related to the redemption of preferred shares in that period. For the nine months ended September 30, 2018, the Company reported net income to common shareholders of $75.3 million, or $2.56 per diluted share, compared to $50.3 million, or $1.73 per diluted share, for the same period of 2017. Year-to-date in 2018, the Company incurred $6.2 million of pre-tax acquisition-related charges ($0.16 per diluted share) and, in the same nine-month period in 2017, incurred $8.5 million ($0.18 per diluted share) for pre-tax stucco-related repair costs in certain of our Florida communities. Exclusive of these charges in both periods and the equity adjustment charge in 2017, year-to-date adjusted net income to common shareholders was $79.9 million in 2018 compared to $58.0 million in 2017’s same period, a 38% increase.
Homes delivered in 2018's third quarter reached a third quarter record of 1,422, increasing 13% from the 1,256 deliveries in 2017’s third quarter. Homes delivered for the nine months ended September 30, 2018 increased 13% to 3,953 from 2017's deliveries of 3,505. New contracts for 2018's third quarter were 1,302, an increase of 6% over 2017's third quarter. For the first nine months of 2018, new contracts increased 15% to a record 4,672 from 4,079 in 2017. Homes in backlog increased 20% at September 30, 2018 to 2,846 units, with a sales value record of $1.1 billion (a 25% increase over last year’s third quarter), and an average sale price of $401,000. At September 30, 2017, the sales value of homes in backlog was $912 million, with an average sale price of $383,000 and backlog units of 2,378. M/I Homes had 212
The following information was filed by M I Homes Inc (MHO) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.