Financial Performance - The Company reported pre-tax income of $146.1 million, a 19% decrease from $180.2 million in Q1 2024, and net income of $111.2 million ($3.98 per diluted share), down from $138.1 million ($4.78 per diluted share) in the same period last year [4][8]. - The Company achieved a gross margin of 25.9% and a pre-tax profit margin of 15% [6][8]. - Shareholders' equity reached a record $3 billion, a 14% increase from the previous year, with a book value of $112 per share [7][8]. - Financial services pre-tax income increased to $16.1 million from $12.3 million in Q1 2024 [19][20]. - The Company repurchased $50 million of common stock during the quarter [8]. Sales and Deliveries - Homes delivered decreased by 8% to 1,976 homes compared to 2,158 homes in Q1 2024, while new contracts fell by 10% to 2,292 from 2,547 [5][8]. - Total new contracts decreased by 10% from 2,547 in Q1 2024 to 2,292 in Q1 2025 [23]. - Homes delivered fell by 8% from 2,158 in Q1 2024 to 1,976 in Q1 2025 [23]. - The cancellation rate increased to 10% in Q1 2025 from 8% in Q1 2024 [5][8]. Backlog and Sales Value - The backlog sales value at March 31, 2025, was $1.56 billion, a 13% decrease from $1.79 billion a year ago, with backlog units down 16% to 2,847 homes [5][8]. - The backlog increased to 2,847 units valued at $1,559 million, with an average sales price of $548,000, compared to 3,391 units valued at $1,789 million and an average sales price of $528,000 in Q1 2024 [23]. Regional Performance - Northern region's new contracts decreased by 8% from 1,162 in Q1 2024 to 1,065 in Q1 2025 [23]. - Southern region's homes delivered dropped by 13% from 1,315 in Q1 2024 to 1,150 in Q1 2025 [23]. - Northern region's average sales price for backlog increased from $525,000 in Q1 2024 to $556,000 in Q1 2025 [23]. - Southern region's average sales price for backlog increased from $530,000 in Q1 2024 to $540,000 in Q1 2025 [23]. Land Position - Total land position increased from 47,457 lots in Q1 2024 to 51,097 lots in Q1 2025 [23]. - Total lots owned increased from 23,826 in Q1 2024 to 25,210 in Q1 2025 [23]. - Total lots under contract rose from 23,631 in Q1 2024 to 25,887 in Q1 2025 [23]. Community Growth - M/I Homes plans to grow its community count by an average of 5% this year, with 226 active communities as of March 31, 2025 [7][8].

Core Insights - The company reported a decrease in pre-tax income and net income for the first quarter of 2025 compared to the same period in 2024, with pre-tax income at $146.1 million and net income at $111.2 million, translating to $3.98 per diluted share [2][4][8]. Financial Performance - Homes delivered decreased by 8% to 1,976 homes from 2,158 homes in the first quarter of 2024 [3][8]. - Revenue fell by 7% to $976 million [8]. - The gross margin was reported at 25.9%, with a pre-tax profit margin of 15% and a return on equity of 19% [4][8]. - The cancellation rate increased to 10% in the first quarter of 2025 from 8% in the same quarter of 2024 [3][8]. Contracts and Backlog - New contracts totaled 2,292, down 10% from 2,547 in the first quarter of 2024 [3][8]. - The backlog at March 31, 2025, had a total sales value of $1.56 billion, a 13% decrease from the previous year, with backlog units down 16% to 2,847 homes [3][8]. Balance Sheet and Cash Position - The company achieved a record net worth of $3 billion, a 14% increase from a year ago, with a book value of $112 per share [5][8]. - The company ended the quarter with $776 million in cash and no borrowings under its $650 million unsecured borrowing line [5][8]. - Homebuilding debt-to-capital ratio stood at 19%, with a net debt-to-capital ratio of negative 3% [5][8]. Operational Highlights - The company operated 226 communities as of March 31, 2025, compared to 219 communities a year earlier, and plans to grow community count by an average of 5% this year [5][8]. - The average sales price of homes in backlog was $548,000, up from $528,000 a year ago [3][8].

Core Viewpoint - Analysts forecast a quarterly earnings per share (EPS) of $4.16 for M/I Homes, indicating a year-over-year decline of 13%, while revenues are expected to reach $1.12 billion, reflecting a 7.1% increase compared to the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [2] Key Metrics Forecast - Analysts predict 'Revenue - Financial services revenue' to be $31.40 million, a year-over-year increase of 16.5% [4] - The forecast for 'Revenue - Homebuilding revenue - Housing revenue' is $1.09 billion, indicating a 7% year-over-year change [4] - The 'Average home closing price' is expected to reach $489.71 thousand, up from $471 thousand in the same quarter last year [4] Homes Delivered and Contracts - The estimated 'Homes delivered - Total' is 2,221, compared to 2,158 in the same quarter last year [5] - Analysts expect 'New contracts - Total' to be 2,599, an increase from 2,547 year-over-year [5] Backlog and Active Communities - The 'Average sales price of homes in backlog - Total Homebuilding Regions' is projected at $547.03 thousand, up from $528 thousand in the same quarter last year [6] - The consensus for 'Number of active communities (Average community count)' is 224, compared to 216 in the previous year [6] Aggregate Sales and Backlog - The consensus estimate for 'Aggregate sales value of homes in backlog - Total Homebuilding Regions' is $1.59 billion, down from $1.79 billion in the same quarter last year [7] - Analysts suggest 'Homes in backlog' will likely reach 2,910, compared to 3,391 year-over-year [7] Stock Performance - Over the past month, M/I Homes shares have declined by 11.1%, while the Zacks S&P 500 composite has decreased by 6.3% [7]

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]

Core Points - Friedrich K.M. Böhm, an independent member of M/I Homes' Board of Directors since 1994, will retire upon the expiration of his term and will not seek re-election at the 2025 Annual Meeting of Shareholders [1][2] - Mr. Böhm has served over 30 years on the Board, including roles as Lead Director and Chair of the Audit and Compensation Committees, contributing significantly to the company's success [2] Company Overview - M/I Homes, Inc. is recognized as one of the leading homebuilders in the United States, specializing in single-family homes [2] - The company operates in multiple regions, including Columbus and Cincinnati in Ohio, Indianapolis in Indiana, Chicago in Illinois, Minneapolis/St. Paul in Minnesota, Detroit in Michigan, various cities in Florida, Texas, North Carolina, and Nashville in Tennessee [2]

Company Announcement - M/I Homes, Inc. will host a webcast to announce its first quarter earnings on April 23, 2025, at 10:30 AM Eastern Time [1] - The earnings report is expected to be released before the market opens on the same day [1] Company Overview - M/I Homes, Inc. is recognized as one of the leading homebuilders in the United States, specializing in single-family homes [2] - The company operates in multiple regions including Columbus and Cincinnati in Ohio, Indianapolis in Indiana, Chicago in Illinois, Minneapolis/St. Paul in Minnesota, Detroit in Michigan, various locations in Florida, Texas, North Carolina, and Nashville in Tennessee [2]

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]