2 weeks Ago
COLUMBUS, Ohio , April 23, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO ) announced results for the three months ended March 31, 2025 . 2025 First Quarter Highlights: Homes delivered decreased 8% to 1,976 from 2,158 Revenue decreased 7% to $976 million Pre-tax income decreased 19% to $146 million , 15% of revenue Net income of $111 million ( $3.
98 per diluted share) versus $138 million ( $4.78 per diluted share) Shareholders' equity reached an all-time record $3 billion , a 14% increase from a year ago, with book value per share of $112 New contracts were 2,292, compared to 2,547 in last year's first quarter Repurchased $50 million of common stock Return on equity of 19% The Company reported pre-tax income of $146.1 million and net income of $111.
2 million ( $3.98 per diluted share). This compares to pre-tax income of $180.
2 million and net income of $138.1 million , or $4.78 per diluted share, for the first quarter of 2024.
Homes delivered in 2025's first quarter decreased 8% to 1,976 homes. This compares to 2,158 homes delivered in 2024's first quarter. New contracts were 2,292 for the first quarter of 2025 compared to 2,547 in last year's first quarter.
Homes in backlog at March 31, 2025 had a total sales value of $1.56 billion , a 13% decrease from a year ago. Backlog units at March 31, 2025 decreased 16% to 2,847 homes, with an average sales price of $548,000 .
At March 31, 2024, backlog sales value was $1.79 billion , with backlog units of 3,391 and an average sales price of $528,000 . M/I Homes had 226 communities at March 31, 2025 compared to 219 communities at March 31, 2024.
The Company's cancellation rate was 10% in the first quarter of 2025 compared to 8% in the first quarter of 2024. Robert H. Schottenstein , Chief Executive Officer and President, commented, "Our first quarter results were solid despite the many challenges facing the housing industry, including declining consumer confidence.
While our new contracts were down 10% compared to a year ago, we were effective in balancing pace and price as our gross margin was a strong 25.9%. And we were very pleased with our 15% pre-tax profit margin and 19% return on equity.
Mr. Schottenstein added, "Though current conditions are choppy, and are likely to continue for the foreseeable future, we remain optimistic about our business and the longer-term outlook for the housing industry. Our balance sheet is the strongest in Company history.
We ended the quarter with record net worth of $3 billion , a 14% increase from a year ago, book value of $112 per share, zero borrowings under our $650 million unsecured borrowing line, cash of $776 million , homebuilding debt-to-capital of 19% and a net debt-to-capital ratio of negative 3%. At the end of the quarter, we had 226 active communities, a record for our company, and are positioned to grow community count this year by an average of 5%. Despite all the market uncertainties, we are well positioned to have a solid year in 2025.
" The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time .
To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through April 2026 .
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, Minnesota ; Detroit, Michigan ; Tampa , Sarasota , Fort Myers / Naples and Orlando, Florida ; Austin , Dallas/Fort Worth , Houston and San Antonio, Texas ; Charlotte and Raleigh, North Carolina and Nashville, Tennessee . Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements.
These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time.
We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted. SOURCE M/I Homes, Inc.
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