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M/I Homes Q3 Profit Surges, Results Beat View - Quick Facts

(RTTNews) - M/I Homes, Inc. (MHO), a builder of single-family homes, on Wednesday reported a surge in third-quarter net income to $73.54 million or $2.51 per share from $37.84 million or $1.32 per share in the year-ago period.

Total revenue for the quarter grew 30 percent to $847.92 million from $653.35 million in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter on revenues of $668.17 million. Analysts' estimates typically exclude special items.

M/I Homes noted that homes delivered in the latest quarter increased 29 percent to 2,137 from 1,651 in the year-ago period. New contracts surged 71 percent to 2,949 from 1,721 last year.

Backlog units increased 54 percent to 4,503, and backlog sales value reached $1.8 billion, both all-time quarterly records.

On October 27, 2020, Thomas Mason announced his decision to retire as Executive Vice President, Secretary, and Chief Legal Officer of M/I Homes, effective after the company has hired his replacement. The company expects such transition will occur in the first half of 2021.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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