M/I Homes reports Q3 EPS $3.92 vs. $5.10 last year

Reports Q3 revenue $1.131B vs. $1.142B last year. Backlog units at September 30 decreased 31% to 2,189 homes, with a record average sales price of $553,000. At September 30, 2024, backlog sales value was $1.73B , with backlog units of 3,174 and an average sales price of $544,000. Robert H. Schottenstein, CEO and President, commented, “Despite the continued challenging housing market conditions and uneven demand environment, we had a solid quarter. We produced $140M of pre-tax income representing 12% of revenue and delivered a Q3 record 2,296 homes. This resulted in a strong return on equity of 16%. While market conditions remain volatile, we are confident in the long-term fundamentals of the housing industry. Our financial position is excellent, highlighted by Moody’s upgrade of our credit rating and the extension of our unsecured credit facility to 2030, with an increased borrowing capacity from $650M to $900M. We ended the quarter with zero borrowings under this facility, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. With our strong balance sheet, diverse product offerings, and well-located communities, we are well positioned as we enter the Q4.”