The following is a summary of the M/I Homes, Inc. (MHO) Q1 2024 Earnings Call Transcript:
Financial Performance:
M/I Homes reported an increase of 8% in home deliveries, setting a company record of 2,158 homes.
Revenue saw a rise of 5%, reaching $1.05 billion and pre-tax income grew by 33% to $180.2 million in Q1.
The gross margins for Q1 were at 27%, reflecting a year-on-year increase of 360 basis points and a sequential rise of 200 basis points.
A record cash balance of $870 million was achieved, and the debt-to-capital ratio was reduced to 21% from 24% a year ago.
Earnings per diluted share showed an increase of 31% from $3.64 per share last year to a Q1 record of $4.78 per share.
Business Progress:
There was a 17% increase in new contracts in Q1, attributed to the strength of communities and product offerings.
Despite macroeconomic uncertainties, the company managed to operate in 10% more communities compared to last year.
The Smart Series homes accounted for more than half (52%) of total company sales.
Planned opening of new communities is expected to increase the average community count by approximately 10% over 2023.
The company is confident of another strong performance in 2024, with an anticipated annual growth rate of 5% to 10%.
Progress in reducing the cycle time has brought many markets back to pre-COVID levels.
More details: M/I Homes IR
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