M/I Homes (MHO) closed at $153.84 in the latest trading session, marking a -1.12% move from the prior day. This change lagged the S&P 500's 0.45% gain on the day. Elsewhere, the Dow saw a downswing of 0.23%, while the tech-heavy Nasdaq appreciated by 0.84%. The homebuilder's shares have seen an increase of 9.9% over the last month, surpassing the Construction sector's gain of 1.61% and the S&P 500's gain of 2.54%. The investment community will be paying close attention to the earnings performance of M/I Hom ...

M/I Homes (MHO) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Since a cha ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, September 6th: M/I Homes, Inc. (MHO) : This residential home-builder carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days. M/I Homes has a price-to-earnings ratio (P/E) of 7.87, compared with 11.10 for the industry. The company possesses a Value Score of A. OFG Bancorp (OFG) : This banking and financial services company c ...

Core Viewpoint - M/I Homes has shown significant stock performance, with a 235.4% increase since early January 2023, outperforming the S&P 500's 46.3% rise during the same period, and a 258.6% increase since being rated a 'buy' in August 2022 [1] Financial Performance - In 2022, M/I Homes reported revenue of $4.13 billion, which declined to $4.03 billion in 2023, reflecting a year-over-year decrease of 2.4% [3] - The average price of homes delivered increased from $479,000 to $483,000, but deliveries fell from 8,366 to 8,112 homes due to inflation and high interest rates [3] - Net income decreased from $490.7 million to $465.4 million, while operating cash flow surged from $184.1 million to $552.1 million, with adjusted operating cash flow showing a modest increase from $551.8 million to $566.5 million [4] - EBITDA fell from $705.4 million to $648.2 million [4] Contracts and Backlog - New contracts surged to 7,977 homes in 2023, up from 6,668 homes in 2022, but the backlog decreased from 3,137 homes to 3,002 homes [5] - The cancellation rate improved from 14.3% to 11.4%, but the average price of homes in backlog fell from $541,000 to $525,000 [5] Recent Developments - In the first half of 2024, revenue was $2.16 billion, an increase from $2.01 billion in the same period of 2023, driven by an increase in homes delivered from 3,997 to 4,382 [6] - Despite a decline in the average price of homes delivered from $489,000 to $477,000, net income rose by 28.8% from $221.1 million to $284.8 million [7] - Backlog improved to 3,422 homes by the end of the second quarter of 2024, although still down from 3,508 homes at the end of the second quarter of 2023 [7] Valuation and Market Position - M/I Homes is considered cheap relative to peers, with a price-to-earnings ratio of 7.5, compared to higher ratios for competitors [9] - Potential upside for shares ranges from 46.3% to 81.3% based on various valuation metrics, while downside risk is limited to 6.7% [8] Share Repurchase Program - The company announced a $250 million share repurchase program, having already repurchased $75.6 million worth of stock year-to-date, with net debt at only $79.7 million [10] Overall Outlook - The overall picture for M/I Homes is considered positive despite mixed fundamentals, with a bullish outlook maintained due to attractive valuations [11]

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher." Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth p ...

[PART 1. FINANCIAL INFORMATION](index=4&type=section&id=PART%201.%20FINANCIAL%20INFORMATION) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20M%2FI%20Homes%2C%20Inc.%20and%20Subsidiaries%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited financial statements for M/I Homes, Inc as of and for the periods ended June 30, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $4.34 billion, driven by increases in inventory and cash, while shareholders' equity rose to $2.74 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and restricted cash | $837,458 | $732,804 | | Inventory | $2,938,464 | $2,797,151 | | **Total Assets** | **$4,340,070** | **$4,022,440** | | **Liabilities & Equity** | | | | Total Liabilities | $1,598,953 | $1,505,501 | | Total Shareholders' Equity | $2,741,117 | $2,516,939 | | **Total Liabilities and Shareholders' Equity** | **$4,340,070** | **$4,022,440** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) The company reported significant year-over-year growth in net income and diluted EPS for Q2 and H1 2024 Consolidated Income Statement Summary (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,109,781 | $1,014,013 | $2,156,484 | $2,014,543 | | Income before income taxes | $194,139 | $155,357 | $374,378 | $291,339 | | Net Income | $146,746 | $118,001 | $284,807 | $221,067 | | Diluted EPS | $5.12 | $4.12 | $9.90 | $7.77 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $143.3 million for H1 2024, primarily due to a larger increase in inventory Consolidated Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $143,283 | $417,689 | | Net cash used in investing activities | ($27,541) | ($2,802) | | Net cash used in financing activities | ($11,088) | ($58,142) | | **Net increase in cash** | **$104,654** | **$356,745** | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, a new share repurchase program, and segment revenue breakdowns - Total inventory increased to **$2.94 billion**, with spec inventory at 2,150 units valued at $426.8 million[24](index=24&type=chunk)[25](index=25&type=chunk) - The company maintains a **$650 million unsecured revolving credit facility** with no borrowings outstanding and $569.9 million available[77](index=77&type=chunk)[78](index=78&type=chunk)[81](index=81&type=chunk) - A new **$250 million share repurchase program** was approved in May 2024, with $207.1 million remaining available for repurchases[103](index=103&type=chunk)[105](index=105&type=chunk) Revenue by Source (in thousands) | Revenue Source | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Housing | $2,088,557 | $1,955,144 | | Land sales | $10,203 | $8,852 | | Financial services | $57,724 | $50,547 | | **Total revenue** | **$2,156,484** | **$2,014,543** | [Management's Discussion and Analysis (MD&A)](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses record-setting performance, segment results, liquidity, capital allocation, and the company's outlook [Overview and Summary of Results](index=24&type=section&id=Overview%20and%20Summary%20of%20Results) The company achieved record Q2 2024 gross margin, pre-tax income, and net income, driven by a 9% revenue increase - Q2 2024 performance highlights include a **9% revenue increase** to a record $1.11 billion, a record **27.9% gross margin**, and a **24% increase in net income** to a record $146.7 million[126](index=126&type=chunk)[129](index=129&type=chunk) - H1 2024 performance highlights include a **7% revenue increase** to a record $2.16 billion, a **10% increase in homes delivered**, and a **29% increase in net income** to a record $284.8 million[126](index=126&type=chunk)[128](index=128&type=chunk) [Reportable Segments Performance](index=31&type=section&id=Reportable%20Segments%20Performance) Both Northern and Southern homebuilding regions saw growth, while the Financial Services segment posted record revenue Homebuilding Operating Data by Region - Q2 2024 vs Q2 2023 | Metric | Region | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | :--- | | Homes Delivered | Northern | 951 | 783 | +21% | | | Southern | 1,273 | 1,207 | +5% | | New Contracts, net | Northern | 1,002 | 949 | +6% | | | Southern | 1,253 | 1,248 | +0.4% | | Housing Revenue (in thousands) | Northern | $464,606 | $383,486 | +21% | | | Southern | $607,438 | $596,712 | +2% | - The Financial Services segment's income before taxes increased to **$14.4 million in Q2 2024**, with the capture rate rising to 87% from 81%[144](index=144&type=chunk)[158](index=158&type=chunk) New Contract Cancellation Rates | Region | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Northern | 9.3% | 9.1% | | Southern | 10.2% | 11.4% | | **Total** | **9.8%** | **10.4%** | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $837.5 million in cash and an improved debt-to-capital ratio of 20% - Ended Q2 2024 with **$837.5 million of cash**, cash equivalents, and restricted cash[175](index=175&type=chunk) - The homebuilding debt to capital ratio improved to **20%** at June 30, 2024, down from 22% at year-end 2023[188](index=188&type=chunk) - Repurchased **$75.6 million of common shares** in H1 2024, with $207.1 million remaining under the current repurchase program[186](index=186&type=chunk) - Controlled approximately **49,500 lots** as of June 30, 2024, representing about a six-year supply and a 20% increase YoY[135](index=135&type=chunk) [Outlook and Impact of Macroeconomic Factors](index=28&type=section&id=Outlook%20and%20Impact%20of%20Macroeconomic%20Factors) The company plans to grow community count by 5% in 2024 while navigating uncertainty from mortgage rates and inflation - Strategic objectives for 2024 include managing land spend, improving cycle times, opening new communities, and maintaining a strong balance sheet[137](index=137&type=chunk) - The company plans to increase its average community count by approximately **5% by the end of 2024**[127](index=127&type=chunk)[136](index=136&type=chunk) - Management remains cautious as high mortgage rates, hovering around **7% in H1 2024**, continue to pressure housing affordability[218](index=218&type=chunk)[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuation, which is managed through derivative instruments Notional Amounts of Financial Instruments (in thousands) | Description | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Uncommitted IRLCs | $227,821 | $174,274 | | FMBSs related to uncommitted IRLCs | $250,000 | $174,000 | | Mortgage loans held for sale covered by FMBSs | $211,151 | $160,547 | Recognized Gain (Loss) on Hedging Instruments (in thousands) | Description | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Mortgage loans held for sale | $(623) | $(3,139) | | Forward sales of mortgage-backed securities | $1,647 | $4,632 | | Interest rate lock commitments | $(1,322) | $(2,537) | | **Total gain (loss) recognized** | **$545** | **$(570)** | [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024 - The company's principal executive and financial officers concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[229](index=229&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter ended June 30, 2024[230](index=230&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Other Information (Items 1-6)](index=45&type=section&id=Other%20Information%20(Items%201-6)) This section confirms no material changes to risk factors and details Q2 2024 share repurchase activities - There have been **no material changes** to the risk factors previously disclosed in the company's 2023 Form 10-K[232](index=232&type=chunk) Common Share Purchases - Q2 2024 | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | April 2024 | — | $— | $102,523,768 | | May 2024 | 320,000 | $126.06 | $217,079,090 | | June 2024 | 80,000 | $124.61 | $207,110,140 | | **Total Q2** | **400,000** | **$125.77** | **$207,110,140** | - The company reports no defaults upon senior securities and no new Rule 10b5-1 trading arrangements by directors or officers[236](index=236&type=chunk)

This quarterly report represents an earnings surprise of 11.30%. A quarter ago, it was expected that this homebuilder would post earnings of $3.96 per share when it actually produced earnings of $4.78, delivering a surprise of 20.71%. M/I Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.11 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.96%. This compares to year-ago revenues of $1.01 billion. The company has topped con ...

Exhibit 99.1 M/I Homes Reports 2024 Second Quarter Results Columbus, Ohio (July 30, 2024) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2024. 2024 Second Quarter Highlights: The Company reported pre-tax income of $194.1 million and net income of $146.7 million ($5.12 per diluted share), both all-time quarterly records. This compares to pre-tax income of $155.4 million and net income of $118.0 million, or $4.12 per diluted share, for the second quarter of 2023. Fo ...

Core Insights - M/I Homes, Inc. reported strong financial results for the second quarter of 2024, achieving all-time quarterly records in income, gross margins, and pre-tax margins [2][12][17] - The company experienced a 9% increase in revenue, reaching $1.1 billion, with net income rising 24% to $146.7 million [12][17] - The return on equity stood at 21%, reflecting the company's robust financial health [2][12] Financial Performance - Revenue for the second quarter increased by 9% to $1.1 billion, compared to the same period last year [12][17] - Gross margins improved to 28% from 25% year-over-year, while pre-tax margins rose to 17.5% from 15.3% [2][12] - Pre-tax income reached a record $194.1 million, a 25% increase from the previous year [2][12][17] - Net income for the quarter was $146.7 million, or $5.12 per diluted share, up from $118.0 million, or $4.12 per diluted share, in the prior year [12][17] Operational Highlights - Homes delivered increased by 12% to 2,224 in the second quarter, compared to 1,990 in the same quarter of 2023 [12][13] - New contracts rose by 3% to 2,255, with a total of 4,802 new contracts for the first half of 2024, a 10% increase from the previous year [12][13] - The backlog sales value increased to $1.82 billion, up 3% from the previous year, with an average sales price of $533,000 [12][13] Balance Sheet and Equity - Shareholders' equity reached a record $2.7 billion, a 19% increase from the previous year, with a book value per share of $100 [12][14] - The company ended the quarter with cash of $837 million and a homebuilding debt to capital ratio of 20% [14][20] - Total assets increased to $4.34 billion, up from $3.86 billion year-over-year [20] Market Position - M/I Homes operates in multiple regions, including Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee [5] - The company had 211 communities as of June 30, 2024, compared to 195 communities a year earlier [13]

Core Viewpoint - Analysts' projections for M/I Homes indicate positive growth in key metrics, suggesting a favorable outlook for the company's upcoming earnings report. Revenue Projections - Analysts estimate 'Revenue- Homebuilding revenue' at $1.03 billion, reflecting a year-over-year increase of +4.2% [2] - The forecast for 'Revenue- Homebuilding revenue- Housing revenue' is also $1.03 billion, indicating a +4.9% change from the prior-year quarter [6] - The 'Revenue- Financial services revenue' is projected to be $26.80 million, suggesting a +6.1% year-over-year increase [13] Earnings Per Share (EPS) - The consensus EPS estimate for the quarter is $4.60, representing an 11.7% increase compared to the same period last year [9] - The EPS estimate has been revised upward by 4.3% in the past 30 days, indicating analysts' reassessment of their initial estimates [5] Sales and Contracts - Analysts predict 'New contracts - Total' to reach 2,364, up from 2,197 a year ago [3] - The 'Homes delivered - Total' is expected to be 2,182, compared to 1,990 in the same quarter last year [7] Community and Backlog Metrics - The 'Number of active communities (Average community count)' is forecasted to reach 218, an increase from 198 a year ago [4] - 'Homes in backlog' is estimated at 3,573, compared to 3,508 the previous year [15] - The 'Aggregate sales value of homes in backlog - Total Homebuilding Regions' is projected to be $1.88 billion, up from $1.78 billion [14] Pricing Metrics - The 'Average sales price of homes in backlog - Total Homebuilding Regions' is expected to be $526.69 thousand, compared to $507 thousand last year [8] - The 'Average home closing price' is projected to reach $471.14 thousand, down from $493 thousand a year ago [11] Market Performance - Shares of M/I Homes have increased by +35.5% over the past month, contrasting with the Zacks S&P 500 composite's -0.2% change [16]