The following is a summary of the M/I Homes, Inc. (MHO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• M/I Homes reported Q2 2024 record-setting revenue of $1.1 billion, a 12% increase in homes closed compared to last year, and a 25% increase in pre-tax income to $194.1 million.

• Gross margins improved to 28%, up from 26% last year, with pre-tax margins rising to 17.5% from 15.3%.

• Earnings per diluted share reached an all-time high of $5.12, up 24% from the previous year.

• The company ended the quarter with $2.7 billion in equity and more than $800 million in cash with zero borrowings under its $650 million credit facility.

Business Progress:

• M/I Homes closed 2,224 homes during the quarter, an increase from last year, with new contracts up overall as well.

• The company has focused on expanding its Smart Series homes, which comprised 53% of Q2 sales.

• They are planning to open new communities, maintaining their growth trajectory, with 211 communities by the end of Q2 2024.

Opportunities:

• The company is planning to leverage its strong financial position to continue growth in community counts and maintain operations, particularly benefiting from a strong land position with approximately 23,000 lots owned, aligning with strategic growth opportunities.

Risks:

• General market conditions such as rising interest rates and economic uncertainty may affect buyer caution and demand overall.

• With significant presence in fluctuating markets like Florida and Texas, there could be potential impacts on sales and operations due to market volatility.

More details: M/I Homes IR

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