Apr. 23 at 11:41 AM
$MHO M/I Homes reports Q1 EPS
$3.98 vs.
$4.78 last year
Reports Q1 revenue
$976M vs. 1.05B last year. Reports Q1 homes delivered decreased 8% to 1,976 homes. Robert H. Schottenstein, CEO and President, commented, "Our Q1 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. 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
$3B, a 14% increase from a year ago, book value of
$112 per share, zero borrowings under our
$650M unsecured borrowing line, cash of
$776M, 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."
