Investors might want to bet on M/I Homes (MHO) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook. The upward trend in estimate revisions for this homebuilder reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends i ...

M/I Homes (MHO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this homebuilder have returned +4.4%, compared to the Zacks S&P 500 composite's +0.2% change. During this period, the Zacks Building Products - Home Builders industry, which M/I Homes falls in, has lost 2%. The key question now is: What could be the stock's future directi ...

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the trad ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, April 29:Preferred Bank (PFBC) : This company which provides commercial banking products and services carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.6% over the last 60 days.Preferred Bank has a price-to-earnings ratio (P/E) of 7.93 compared with 11.90 for the industry. The company possesses a Value Score of B.Steel Dynamics, Inc. (STLD) : ...

Nenad Stojnev /E+ via Getty Images Investment Thesis M/I Homes (MHO) is a cheaply valued company with a solid financial foundation and a proven track record of growth. Its customer-centric business offers sustainable housing that is growing in demand. Therefore, it is an excellent candidate to buy and hold for the long term. The House Of The Future, Sustainable And Eco-Friendly MHO is one of the largest homebuilders in the U.S., ranking #13 in BUILDER 100. The company's houses are efficient in water and ele ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________________ Commission File Number 1-12434 M/I HOMES, INC. (Exact name of registrant as specified in it charter) (State or other jurisdiction of i ...

M/I Homes, Inc. (MHO) Q1 2024 Earnings Conference Call April 24, 2024 10:30 AM ET Company Participants Phil Creek - Executive Vice President and CFO Bob Schottenstein - President and CEO Derek Klutch - President, Mortgage Company Conference Call Participants Alan Ratner - Zelman & Associates Jay McCanless - Wedbush Operator Good morning, ladies and gentlemen. And welcome to the M/I Homes, Inc. First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentati ...

M/I Homes (MHO) came out with quarterly earnings of $4.78 per share, beating the Zacks Consensus Estimate of $3.96 per share. This compares to earnings of $3.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.71%. A quarter ago, it was expected that this homebuilder would post earnings of $4.94 per share when it actually produced earnings of $3.66, delivering a surprise of -25.91%.Over the last four quarters, the company ha ...

The Company reported record first quarter pre-tax income of $180.2 million and record first quarter net income of $138.1 million, or $4.78 per diluted share. This compares to pre-tax income of $136.0 million and net income of $103.1 million, or $3.64 per diluted share, for the first quarter of 2023. Homes delivered in 2024's first quarter increased 8% to 2,158 homes, a first quarter record for the Company. This compares to 2,007 homes delivered in 2023's first quarter. New contracts for the first quarter of ...

Revenue and Financial Performance - In 2023, the company achieved total revenue of $4.03 billion, with $3.91 billion from homes delivered, $25.3 million from land sales, and $93.8 million from financial services operations[188]. - Total revenue decreased to $4.03 billion in 2023 from $4.13 billion in 2022, a decline of approximately 2.6%[200]. - Income before income taxes decreased by 4% from $635.2 million in 2022 to $607.3 million in 2023, while net income fell by 5% to $465.4 million[187]. - The company reported revenues of $3,939.7 million for the year ended December 31, 2023, with a net income of $434.8 million[261]. - The company generated $552.1 million in cash from operating activities in 2023, compared to $184.1 million in 2022, driven by net income of $465.4 million and proceeds from mortgage loan sales exceeding originations by $72.9 million[231]. Contracts and Sales - New contracts increased by 20% in 2023 compared to 2022, reflecting improved homebuyer demand due to limited inventory and adjustments to the interest rate environment[184]. - New contracts increased by 20% to 7,977 homes in 2023, while the average price of homes delivered rose by 1% to $483,000[191]. - The total cancellation rate decreased from 14.3% in 2022 to 11.4% in 2023, indicating improved customer retention[209]. - New contracts in the Northern region rose by 22% from 2,747 in 2022 to 3,361 in 2023, while the Southern region saw an 18% increase from 3,921 to 4,616[212][215]. Home Deliveries and Pricing - The company delivered 8,112 homes in 2023 and ended the year with 4,375 homes under construction, a decrease from 4,522 homes at the end of the previous year[228]. - The average sales price of homes delivered increased by 1%, contributing an additional $4,000 per home delivered[188]. - The average sales price of homes delivered increased to $483,000 in 2023 from $479,000 in 2022, indicating a slight upward trend in pricing[210]. - Total homes delivered across both regions decreased from 8,366 in 2022 to 8,112 in 2023, reflecting a decline in backlog and demand[210]. Margins and Expenses - The company's gross margin remained stable at 25.3%, despite a 2% decline in revenue and a 3% decrease in homes delivered compared to 2022[184]. - Total gross margin decreased by $24.9 million to $1.02 billion in 2023, with homebuilding operations contributing a $32.5 million decline[200]. - Selling, general and administrative expenses increased by $25.3 million, rising to 10.7% of revenue in 2023 from 9.8% in 2022[191]. - Corporate selling, general and administrative expenses increased by $1.7 million, from $76.3 million in 2022 to $78.0 million in 2023, primarily due to a $4.2 million increase in compensation expense[219]. Financial Services - Financial services operations saw a $4.3 million increase in operating income in 2023, benefiting from higher margins and an increase in average loan amounts[185]. - Financial services revenue increased by 9% from $86.2 million in 2022 to $93.8 million in 2023, attributed to a rise in loan originations[216]. - The average loan amount in financial services increased from $385,000 in 2022 to $393,000 in 2023, reflecting higher financing needs[216]. Regional Performance - Homebuilding revenue in the Northern region decreased by 11% from $1.71 billion in 2022 to $1.52 billion in 2023, primarily due to a 12% decrease in homes delivered[210]. - The Southern region experienced a 4% increase in homebuilding revenue, rising from $2.33 billion in 2022 to $2.42 billion in 2023, driven by a 3% increase in homes delivered[213]. - Operating income in the Northern region decreased by $41.2 million to $176.3 million in 2023, primarily due to a decline in gross margin[210]. - Selling, general and administrative expenses increased in both regions, with the Northern region rising to 7.8% of revenue and the Southern region to 7.9%[211][214]. Future Outlook and Investments - The company plans to open additional new communities in 2024, aiming for a 10% increase in average community count compared to 2023[186]. - The company invested $343.5 million in land acquisitions and $512.1 million in land development during 2023[194]. - Future homebuyer demand remains uncertain due to macroeconomic conditions, but the company is positioned to manage through these challenges[192]. Tax and Compliance - The effective tax rate for 2023 was 23.4%, compared to 22.8% in 2022[187]. - The effective tax rate increased to 23.4% for the year ended December 31, 2023, compared to 22.8% for 2022, primarily due to decreased tax benefits from energy tax credits[222]. - The company was in compliance with all covenants of its Credit Facility as of December 31, 2023, including a consolidated tangible net worth of $2,435.5 million, exceeding the requirement of $1,534.4 million[244]. Debt and Liquidity - The company had outstanding notes payable totaling $866 million as of December 31, 2023, with $166 million due within 12 months[226]. - The company expects to continue managing its balance sheet and liquidity carefully in 2024, anticipating cash requirements to be met from cash receipts and available credit facilities[227]. - The leverage ratio was 4.73 to 1.0, significantly below the covenant requirement of 12.0 to 1.0, indicating strong financial health[250]. Market Conditions - The annual inflation rate in the U.S. was 3.4% in December 2023, down from 6.5% in December 2022, impacting housing affordability and buyer sentiment[268]. - Interest rates rose to over 8% by the end of October 2023, affecting mortgage qualification for homebuyers[269].