Earnings ·
M/I Homes reports Q3 net income of $67 million, or $2.56 per share
MHOM/I Homes, Inc.
M/I Homes reported third-quarter net income of $67 million ($2.56 diluted EPS), down from $107 million ($3.92) a year ago, as revenue declined 5% to $1.1 billion and homes delivered fell 2% to 2,241. Pre-tax income dropped 38% to $87 million after including $5 million in inventory charges, while new contracts decreased 2% to 1,861. The company repurchased $50 million of common stock during the quarter and reported record shareholders' equity of $3.3 billion with a homebuilding debt-to-capital ratio of 18%. M/I Homes is one of the nation's leading builders of single-family homes operating in multiple U.S. markets.