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]

M/I Homes, Inc. (MHO) is scheduled to report second-quarter 2024 results on Jul 30, 2024, before market open. In the last reported quarter, the company's earnings and revenues topped the Zacks Consensus Estimate by 20.7% and 4.1%, respectively. On a year-over-year basis, earnings and revenues increased 31% and 5%, respectively. This homebuilding company's earnings topped the consensus mark in three of the trailing four quarters and missed on the remaining occasion, the average surprise being 19%. Trend in E ...

Market participants will be closely following the financial results of M/I Homes in its upcoming release. The company plans to announce its earnings on July 30, 2024. The company is predicted to post an EPS of $4.79, indicating a 16.26% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $1.05 billion, indicating a 3.71% upward movement from the same quarter last year. Our research shows that these estimate changes are directly correl ...

The most recent trading session ended with M/I Homes (MHO) standing at $136.06, reflecting a +1.84% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.63%. Analysts and investors alike will be keeping a close eye on the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings report is set to go public on July 30, 2024. On that day, M/I Homes is projected to rep ...

What: M/I Homes, Inc. Announces Second Quarter Webcast When: July 30, 2024 @ 10:30AM Eastern Time How: Live over the Internet -- Simply log on to the web at the address above The company is expected to report second quarter earnings before the market opens on Tuesday, July 30, 2024. M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnes ...

In the latest trading session, M/I Homes (MHO) closed at $119.59, marking a +0.64% move from the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.09%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.3%. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.18 per share and a revenue of $4.25 billion, representing changes of +12.15% and +5.39%, respectively, from the prior year. The Zacks Rank syst ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional va ...