COLUMBUS, Ohio - M/I Homes, Inc. (NYSE:MHO) reported record fourth quarter results on Monday, with revenue and home deliveries hitting all-time highs, though earnings per share fell short of analyst estimates.
The homebuilder posted Q4 earnings of $4.71 per diluted share, missing the consensus estimate of $4.97. However, revenue rose 24% YoY to $1.2 billion, surpassing expectations of $1.15 billion.
M/I Homes delivered 2,402 homes in Q4, a 19% increase from the prior year period. New contracts rose 11% to 1,759 units.
For the full year 2024, the company reported net income of $563.7 million, or $19.71 per diluted share, up 21% from 2023. Annual revenue increased 12% to $4.5 billion.
"We had an outstanding 2024 highlighted by all-time records in homes delivered, revenue and income," said CEO Robert H. Schottenstein. He noted gross margins improved to 26.6% from 25.3% the previous year.
The company ended 2024 with $822 million in cash, no borrowings under its credit facility, and a homebuilding debt-to-capital ratio of 19%.
Looking ahead, Schottenstein expressed optimism about 2025, citing "strong fundamentals, including favorable demographic trends and an undersupply of housing."
M/I Homes stock rose following the earnings release, reflecting investor approval of the record results despite the EPS miss.
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