M/I Homes(US:MHO) Prnewswireยท2025-10-22 11:30Core Insights - M/I Homes, Inc. reported a pre-tax income of $139.8 million and a net income of $106.5 million for Q3 2025, reflecting a decline from the previous year's record results [3][8] - The company delivered a record 2,296 homes in Q3 2025, a 1% increase from Q3 2024, but new contracts decreased by 6% year-over-year [4][8] - The backlog of homes at the end of Q3 2025 had a total sales value of $1.21 billion, down 30% from the previous year, with a significant decrease in backlog units [4][8] Financial Performance - Revenue for Q3 2025 declined by 1% to $1.1 billion, with a gross margin of $270.1 million [8][9] - Pre-tax income was $140 million, representing 12% of revenue, down 26% from the previous year, which included a $7.6 million inventory charge [3][8] - Net income per diluted share was $3.92, compared to $5.10 in Q3 2024 [3][8] Operational Metrics - Homes delivered in the first nine months of 2025 totaled 6,620, slightly down from 6,653 in the same period of 2024 [4][8] - The cancellation rate increased to 12% in Q3 2025 from 10% in Q3 2024 [4][8] - The average sales price of homes in backlog was $553,000, up from $544,000 a year ago [4][8] Market Position and Outlook - The company maintained a strong financial position, highlighted by an upgrade from Moody's to Ba1 and an extension of its unsecured credit facility to 2030 with increased borrowing capacity [5][8] - M/I Homes had 233 communities as of September 30, 2025, compared to 217 communities a year earlier [4][8] - The CEO expressed confidence in the long-term fundamentals of the housing industry despite current market volatility [5][8]