Company Overview - M/I Homes (MHO) closed at $106.52, with a slight increase of +0.23% from the previous day, underperforming the S&P 500 which gained 1.81% [1] - Over the past month, M/I Homes shares have decreased by 7.45%, slightly outperforming the Construction sector's decline of 7.59% but lagging behind the S&P 500's loss of 6.14% [1] Upcoming Financial Results - M/I Homes is set to announce its earnings on April 23, 2025, with projected earnings of $4.16 per share, indicating a year-over-year decline of 12.97% [2] - The Zacks Consensus Estimate for revenue is $1.12 billion, reflecting a year-over-year increase of 7.09% [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $18.44 per share, representing a decline of 6.44%, while revenue is expected to be $4.78 billion, an increase of 6.04% from the prior year [3] Analyst Estimates and Stock Performance - Recent changes in analyst estimates for M/I Homes are crucial for investors, as they indicate shifts in near-term business trends, with positive changes suggesting analyst optimism [3] - The Zacks Rank system, which incorporates estimate changes, currently ranks M/I Homes at 3 (Hold), with the consensus EPS projection remaining unchanged over the past 30 days [5] Valuation Metrics - M/I Homes is trading at a Forward P/E ratio of 5.76, which is below the industry average Forward P/E of 7 [6] - The Building Products - Home Builders industry, part of the Construction sector, holds a Zacks Industry Rank of 213, placing it in the bottom 15% of over 250 industries [6]

COLUMBUS, Ohio, March 14, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) today announced that Friedrich K.M. Böhm, an independent member of the Company's Board of Directors since 1994, has informed the Company of his decision to retire from the Board upon the expiration of his term, and not stand for re-election, at the Company's 2025 Annual Meeting of Shareholders. The Company will identify the Board of Directors' nominee to serve on the Board as Mr. Böhm's successor in the Company's Proxy Statement for i ...

COLUMBUS, Ohio, March 11, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announces the following Webcast: What:        M/I Homes, Inc. Announces First Quarter Webcast When:        April 23, 2025 @ 10:30AM Eastern Time Where:       http://www.mihomes.com How:         Live over the Internet -- Simply log on to the web at the address above  Contact:  Ann Marie Hunker, Vice President, Chief Accounting Officer, Controller of M/I Homes, Inc.,                   [email protected], or 614-418-8225               Mar ...

Core Viewpoint - M/I Homes is experiencing a mixed performance in the stock market, with a recent decline while showing resilience compared to the broader construction sector and S&P 500 [1][2] Company Performance - M/I Homes' stock closed at $121.10, reflecting a -0.39% change from the previous day, underperforming the S&P 500 which gained 0.55% [1] - Over the past month, M/I Homes shares have increased by 1.25%, contrasting with the Construction sector's decline of 8.2% and the S&P 500's loss of 5.56% [1] Upcoming Earnings - The upcoming earnings report for M/I Homes is anticipated, with projected earnings per share (EPS) of $4.16, indicating a 12.97% decrease year-over-year [2] - Revenue is expected to reach $1.12 billion, reflecting a 7.09% growth compared to the same quarter last year [2] Full Year Projections - For the full year, earnings are projected at $18.44 per share and revenue at $4.67 billion, representing changes of -6.44% and +3.61% respectively from the previous year [3] - Recent analyst estimate revisions suggest a positive outlook for M/I Homes' business and profitability [3] Valuation Metrics - M/I Homes is currently trading at a Forward P/E ratio of 6.59, which is lower than the industry average of 8.16, indicating a potential discount [6] - The Building Products - Home Builders industry, to which M/I Homes belongs, ranks in the bottom 10% of all industries according to the Zacks Industry Rank [6] Analyst Ratings - M/I Homes holds a Zacks Rank of 4 (Sell), with the consensus EPS estimate remaining unchanged over the past month [5] - The Zacks Rank system has a historical track record of outperformance, with 1 stocks returning an average of +25% annually since 1988 [5]

Financial Performance - In 2024, the company achieved record homes delivered, revenue of $4.50 billion, and net income of $563.7 million, reflecting a 12% increase in revenue and homes delivered compared to 2023[183][186][187]. - Total revenue increased 12% to $4.5 billion in 2024, an all-time record for the company[190]. - Homes delivered increased 12% to 9,055, marking an all-time record for the company[190]. - Pre-tax income rose 21% to $733.6 million, representing 16.3% of revenue, also an all-time record[190]. - Income before income taxes rose 21% from $607.3 million in 2023 to $733.6 million in 2024[186]. - The effective tax rate was 23.2% in 2024, slightly down from 23.4% in 2023[186]. - Shareholders' equity increased 17% to $2.9 billion, reaching an all-time record high for the company[190]. - The company ended 2024 with strong cash flow and liquidity, maintaining low leverage[183]. - The company ended 2024 with $821.6 million in cash, an increase of $88.9 million in unrestricted cash and cash equivalents from December 31, 2023[225]. - The ratio of homebuilding debt to capital improved from 22% in 2023 to 19% in 2024, indicating a stronger financial position[239]. - The Company reported a leverage ratio of 0.01, well below the maximum allowed ratio of 0.60[246]. - The Interest Coverage Ratio stood at 23.74 to 1.0, significantly above the minimum requirement of 1.5 to 1.0[246]. - The Company had $4,388.5 million in revenues for the year ended December 31, 2024, with a net income of $524.8 million[262]. Sales and Contracts - New contracts increased by 8% in 2024, driven by improved homebuyer demand and the introduction of mortgage interest rate buydowns[183]. - The company-wide absorption pace of sales per community was consistent at 3.3 per month, with plans to increase the average community count by approximately 5% in 2025[185]. - Homes delivered in the Southern region increased by 5%, from 4,943 units in 2023 to 5,182 units in 2024[213]. - In 2024, the company experienced a 4% increase in new contracts in the Southern region, rising from 4,616 in 2023 to 4,823 in 2024, attributed to an increase in average communities from 101 to 121[216]. - The backlog decreased by 20% from 1,754 homes at December 31, 2023, to 1,395 homes at December 31, 2024, due to improved construction cycle times[216]. Homebuilding Operations - The company's gross margin reached a record 26.6%, a 130 basis point improvement from 2023, due to enhanced construction cycle times[183]. - Gross margin for homebuilding operations improved by $157.6 million, with gross margin percentage increasing by 120 basis points to 24.7%[188]. - Selling, general and administrative expenses increased by $61.1 million, rising to 10.9% of revenue from 10.7% in 2023[190]. - The average sales price of homes delivered remained at $483,000, with 943 units delivered in 2024[187]. - The average sales price in backlog increased to $547,000 at December 31, 2024, up from $520,000 at December 31, 2023[216]. Regional Performance - Homebuilding revenue in the Northern region rose by $376.1 million, a 25% increase from $1.52 billion in 2023 to $1.90 billion in 2024[210]. - Homes delivered in the Northern region increased by 22%, from 3,169 units in 2023 to 3,873 units in 2024[210]. - Average sales price of homes delivered in the Northern region increased by $11,000, from $479,000 in 2023 to $490,000 in 2024[210]. - Total homebuilding revenue across both regions increased from $3.91 billion in 2023 to $4.38 billion in 2024, a 11.8% increase[210]. - Operating income in the Northern region increased by $104.8 million, from $176.3 million in 2023 to $281.1 million in 2024[210]. - Selling, general and administrative expenses in the Southern region increased by $22.5 million, from $189.9 million in 2023 to $212.4 million in 2024[215]. Financial Services - Financial services operations reported a $14.7 million increase in operating income in 2024, attributed to a rise in closings and average loan amounts[184]. - Revenue from financial services increased by 24% to $116.2 million in 2024, driven by an increase in loans closed and sold[187]. - The number of loans originated in Financial Services increased from 5,395 in 2023 to 6,731 in 2024, a 24.7% increase[206]. - Revenue from mortgage and title operations increased by $22.4 million, or 24%, from $93.8 million in 2023 to $116.2 million in 2024, driven by an increase in loan originations from 5,395 to 6,731[217]. - Approximately 89% of homes delivered in 2024 were financed through M/I Financial, compared to 83% in 2023[219]. Land and Development - The company invested $472.9 million in land acquisitions and $646.0 million in land development during 2024[192]. - The company ended 2024 with approximately 52,200 lots under control, a 14% increase from 45,700 lots at the end of 2023[193]. - The average community count increased by 7% to 220 active communities at the end of 2024[190]. - The company had 28,320 lots under contract with an aggregate purchase price of approximately $1.4 billion, to be acquired from 2025 through 2031[230]. Market Conditions and Expectations - The company expects some margin compression in 2025 compared to 2024 levels due to current market conditions[191]. - The annual inflation rate in the U.S. was 2.9% in December 2024, slightly down from 3.4% in December 2023[268]. - The Company plans to offer mortgage interest rate buydowns in 2025 to improve affordability for potential homebuyers[269]. Debt and Financial Instruments - The Company issued $300.0 million aggregate principal amount of 3.95% Senior Notes due 2030 and $400.0 million aggregate principal amount of 4.95% Senior Notes due 2028, both of which are fully guaranteed by its subsidiaries[254][255]. - The total assets of the Company as of December 31, 2024, were $4,169.9 million, with total liabilities of $1,284.0 million[261]. - As of December 31, 2024, the company had uncommitted interest rate lock commitments (IRLCs) totaling $215.7 million, an increase of 23.8% from $174.3 million in 2023[275]. - The company reported forward sales of mortgage-backed securities (FMBSs) related to uncommitted IRLCs amounting to $228.0 million, up from $174.0 million in 2023, reflecting a 30.9% increase[275]. - Mortgage loans held for sale increased to $283.5 million in 2024 from $176.3 million in 2023, representing a growth of 60.7%[275]. - The company experienced a loss of $6.7 million on mortgage loans held for sale in 2024, compared to a gain of $6.7 million in 2023[275]. - Interest rate lock commitments resulted in a loss of $3.1 million in 2024, down from a gain of $2.8 million in 2023[275]. - The company’s total financial instruments notional amounts increased significantly, with a total of $286.2 million in liabilities as of December 31, 2024[277]. - The company's long-term fixed-rate debt totaled $700.0 million, with a weighted average interest rate of 4.52%[278]. - Short-term variable-rate debt stood at $286.2 million, with a weighted average interest rate of 6.19%[278].

Core Viewpoint - M/I Homes, Inc. has announced a new share repurchase authorization allowing the company to buy back up to $250 million of its common shares, replacing the previous authorization which had $107 million remaining as of January 31, 2025 [1][2]. Company Overview - M/I Homes, Inc. is recognized as one of the leading homebuilders in the United States, with operations in various states including Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee [3]. Share Repurchase Details - The share repurchase may occur through open market transactions, privately negotiated transactions, or other methods in compliance with applicable laws. The management will determine the timing and amount of purchases based on market conditions and other factors [2]. - The new authorization does not have an expiration date and can be modified, discontinued, or suspended at any time [2].

Company Overview - M/I Homes (MHO) is facing challenges similar to other builders due to persistently high mortgage rates, which are worsening affordability issues and putting pressure on housing demand [1] - The company is utilizing rate buy-downs as a strategy to maintain sales pace, although this approach is impacting profit margins [1] Industry Context - The current housing market is characterized by high mortgage rates that are significantly affecting demand and affordability for potential homebuyers [1] - Builders are increasingly relying on financial tools like rate buy-downs to sustain sales, indicating a competitive and challenging market environment [1]

Core Insights - M/I Homes reported revenue of $1.21 billion for the quarter ended December 2024, reflecting a year-over-year increase of 23.9% [1] - The company's EPS was $4.71, up from $3.66 in the same quarter last year, although it fell short of the consensus estimate of $4.83 by 2.48% [1] Financial Performance - Revenue exceeded the Zacks Consensus Estimate of $1.17 billion by 3.17% [1] - Homebuilding revenue was reported at $1.18 billion, surpassing the average estimate of $1.14 billion, marking a year-over-year increase of 23.7% [4] - Financial services revenue reached $28.51 million, slightly below the average estimate of $29.15 million, but showed a significant year-over-year growth of 44.8% [4] Key Metrics - Average home closing price was $490 thousand, closely aligning with the average estimate of $490.39 thousand [4] - Total homes delivered were 2,402, exceeding the average estimate of 2,338 [4] - New contracts totaled 1,759, slightly above the average estimate of 1,746 [4] - The average sales price of homes in backlog was $553 thousand, compared to the estimated $542.93 thousand [4] - The number of active communities was 219, below the average estimate of 225 [4] - Homes in backlog numbered 2,531, compared to the average estimate of 2,582 [4] - The aggregate sales value of homes in backlog was $1.40 billion, matching the average estimate [4] Stock Performance - Shares of M/I Homes returned +1.7% over the past month, in line with the Zacks S&P 500 composite's +1.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Insights - M/I Homes reported quarterly earnings of $4.71 per share, missing the Zacks Consensus Estimate of $4.83 per share, but showing an increase from $3.66 per share a year ago, resulting in an earnings surprise of -2.48% [1] - The company posted revenues of $1.21 billion for the quarter, exceeding the Zacks Consensus Estimate by 3.17%, and up from $972.59 million year-over-year [2] - M/I Homes has surpassed consensus EPS estimates three times over the last four quarters and topped revenue estimates four times in the same period [2] Earnings Outlook - The immediate price movement of M/I Homes' stock will depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $4.73 on revenues of $1.1 billion, and for the current fiscal year, it is $20.42 on revenues of $4.68 billion [7] Industry Context - The Building Products - Home Builders industry, to which M/I Homes belongs, is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact M/I Homes' stock performance [5][6]

Financial Performance - For Q4 2024, M/I Homes reported net income of $133.5 million, a 27% increase from $105.3 million in Q4 2023, translating to $4.71 per diluted share compared to $3.66[5] - Revenue for Q4 2024 was $1.2 billion, up 24% from $972.6 million in Q4 2023, and total revenue for the year increased 12% to $4.5 billion[7] - Adjusted EBITDA for the twelve months ended December 31, 2024, reached $767.450 million, compared to $648.189 million for the same period in 2023, reflecting an increase of 18%[20] - Provision for income taxes for the twelve months ended December 31, 2024, was $169.883 million, up from $141.912 million in 2023[20] - Interest income - net for the twelve months ended December 31, 2024, was $(40.719) million, compared to $(30.030) million in 2023[20] Home Deliveries and Contracts - Homes delivered in Q4 2024 reached a record 2,402, a 19% increase from 2,019 in Q4 2023, while total homes delivered for the year increased 12% to 9,055[6] - New contracts in Q4 2024 increased by 11% to 1,759, with total new contracts for the year at 8,584, an 8% increase from 7,977 in 2023[6] - New contracts in Q4 2024 totaled 1,759, an 11% increase from 1,588 in Q4 2023[22] - The total backlog as of December 31, 2024, was 2,531 units with an average sales price of $553,000, compared to 3,002 units at an average sales price of $525,000 in 2023[22] - The Northern region saw a 25% increase in homes delivered in Q4 2024, totaling 1,064 compared to 848 in Q4 2023[22] - The Southern region experienced an 18% increase in new contracts in Q4 2024, totaling 1,052 compared to 889 in Q4 2023[22] Financial Health and Equity - Shareholders' equity reached a record $2.9 billion, a 17% increase from the previous year, with a book value per share of $109[7] - The company repurchased $50 million of stock in Q4 2024 and $176 million for the full year[7] - The homebuilding debt to capital ratio improved to 19% from 22% at the end of 2023, indicating stronger financial health[7] - M/I Homes ended 2024 with cash of $822 million and zero borrowings under its $650 million credit facility[9] Backlog and Sales Price - The average sales price of homes in backlog increased by 5% to $553,000, while the total backlog sales value decreased by 11% to $1.4 billion[8] - The cancellation rate for new contracts was 14% in Q4 2024, slightly up from 13% in Q4 2023[8] Land Position - The company’s land position as of December 31, 2024, included 23,836 lots owned and 28,320 lots under contract, compared to 24,374 lots owned and 21,286 lots under contract in 2023[22]