What You Must Know About Stock? M/I Homes, Inc. (NYSE: MHO)
On Thursday, M/I Homes, Inc. (NYSE: MHO) changed 4.91% to recent value of $45.34. The stock transacted 507390 shares during most recent day however it has an average volume of 285.16K shares. It spotted trading 3.65% off 52-week high price. On the other end, the stock has been noted 122.86% away from the low price over the last 52-weeks.
M/I Homes, Inc. (MHO) reported results for the three and nine months ended September 30, 2019.
2019 Third Quarter Highlights:
- New contracts increased 32% to a third quarter record 1,721 contracts
- Homes delivered increased 16% to a third quarter record 1,651 homes
- Revenue increased 15% to a third quarter record of $653M
- Net income increased 29% to $37.8M from $29.3M in 2018
- Diluted earnings per share increased 31% to $1.32 from $1.01 in 2018
- Shareholders’ equity reached an all-time record of $955M, a 14% increase from a year ago, with book value per share of $34
For the third quarter of 2019, the Company stated record pre-tax income of $50.1M and net income of $37.8M, or $1.32 per diluted share. For the nine months ended September 30, 2019, the Company stated record pre-tax income of $114.7M and net income of $85.8M, or $3.04 per diluted share. This compares to pre-tax income of $96.9M and net income of $75.3M, or $2.56 per diluted share, for the same period of 2018. The Company incurred $0.6M of pre-tax acquisition-related expense year-to-date in 2019 contrast to $6.2M in the same period of 2018.
Homes delivered in 2019’s third quarter reached a third quarter record of 1,651 deliveries, increasing 16% from 1,422 deliveries in 2018’s third quarter. Homes delivered for the nine months ended September 30, 2019 increased 11% to a record 4,375 deliveries from 3,953 deliveries in the first nine months of 2018. New contracts for 2019’s third quarter reached a third quarter record 1,721 contracts, increasing 32% from 1,302 new contracts in 2018’s third quarter. For the first nine months of 2019, new contracts increased 9% to a record 5,096 contracts from 4,672 contracts in 2018. Homes in backlog increased 2% at September 30, 2019 to 2,915 units, with a sales value of $1.1B, and an average sale price of $390,000. At September 30, 2018, the sales value of homes in backlog was $1.1B, with an average sale price of $401,000 and backlog units of 2,846. M/I Homes had 221 active communities at September 30, 2019 contrast to 212 at September 30, 2018. The Company’s cancellation rate was 13% in the third quarter of 2019 and 16% in the third quarter of 2018.
Robert H. Schottenstein, Chief Executive Officer and President, commented, “Our third quarter results were very strong highlighted by record new contracts, homes delivered, revenue and pre-tax income. New contracts for the quarter increased 32%, homes delivered increased 16%, revenue improved by 15%, and net income increased by 29%. Gross margin improved to 20.5%, a 130-basis point improvement from the second quarter of 2019. In addition, we continue to improve our operating leverage as our overhead expense ratio for the quarter was 12.2%, 50 basis points better than last year’s third quarter. The combination of our revenue growth and improved margins resulted in a 27% increase in pre-tax income to a third quarter record of $50.1M.”
MHO has a gross margin of 19.40% and an operating margin of 7.10% while its profit margin remained 4.60% for the last 12 months. Its earnings per share (EPS) expected to touch remained 55.80% for this year while earning per share for the next 5-years is expected to reach at 12.50%. The company has 27.7M of outstanding shares and 26.98M shares were floated in the market. According to the most recent quarter its current ratio was # ref that represents company’s ability to meet its current financial obligations. The price moved ahead of 19.06% from the mean of 20 days, 22.05% from mean of 50 days SMA and performed 48.69% from mean of 200 days price. Company’s performance for the week was 13.98%, 19.38% for month and YTD performance remained 115.70%.
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