EX-99.1 2 exhibit991earningspressrel.htm EXHIBIT 99.1 EARNINGS PRESS RELEASE 04-23-25 Document

Exhibit 99.1
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M/I Homes Reports
2025 First Quarter Results

Columbus, Ohio (April 23, 2025) - M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2025.

2025 First Quarter Highlights:
•Homes delivered decreased 8% to 1,976 from 2,158
•Revenue decreased 7% to $976 million
•Pre-tax income decreased 19% to $146 million, 15% of revenue
•Net income of $111 million ($3.98 per diluted share) versus $138 million ($4.78 per diluted share)
•Shareholders’ equity reached an all-time record $3 billion, a 14% increase from a year ago, with book
value per share of $112
•New contracts were 2,292, compared to 2,547 in last year’s first quarter
•Repurchased $50 million of common stock
•Return on equity of 19%

The Company reported pre-tax income of $146.1 million and net income of $111.2 million ($3.98 per diluted share). This compares to pre-tax income of $180.2 million and net income of $138.1 million, or $4.78 per diluted share, for the first quarter of 2024.

Homes delivered in 2025's first quarter decreased 8% to 1,976 homes. This compares to 2,158 homes delivered in 2024’s first quarter. New contracts were 2,292 for the first quarter of 2025 compared to 2,547 in last year’s first quarter. Homes in backlog at March 31, 2025 had a total sales value of $1.56 billion, a 13% decrease from a year ago. Backlog units at March 31, 2025 decreased 16% to 2,847 homes, with an average sales price of $548,000. At March 31, 2024, backlog sales value was $1.79 billion, with backlog units of 3,391 and an average sales price of $528,000. M/I Homes had 226 communities at March 31, 2025 compared to 219 communities at March 31, 2024. The Company's cancellation rate was 10% in the first quarter of 2025 compared to 8% in the first quarter of 2024.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "Our first quarter results were solid despite the many challenges facing the housing industry, including declining consumer confidence. While our new contracts were down 10% compared to a year ago, we were effective in balancing pace and price as our gross margin was a strong 25.9%. And we were very pleased with our 15% pre-tax profit margin and 19% return on equity.

Mr. Schottenstein added, “Though current conditions are choppy, and are likely to continue for the foreseeable future, we remain optimistic about our business and the longer-term outlook for the housing industry. Our balance sheet is the strongest in Company history. We ended the quarter with record net worth of $3 billion, a 14% increase from a year ago, book value of $112 per share, zero borrowings under our $650 million unsecured borrowing line, cash of $776 million, homebuilding debt-to-capital of 19% and a net debt-to-capital ratio of negative 3%. At the end of the quarter, we had 226 active communities, a record for our company, and are positioned to grow community count this year by an average of 5%. Despite all the market uncertainties, we are well positioned to have a solid year in 2025.”




The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through April 2026.

M/I Homes, Inc. is one of the nation’s leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “envisions,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.


Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021



M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)

Three Months Ended
March 31,
20252024
New contracts2,292 2,547 
Average community count223 216 
Cancellation rate10 %8 %
Backlog units2,847 3,391 
Backlog sales value$1,559,251 $1,789,340 
Homes delivered1,976 2,158 
Average home closing price$476 $471 
Homebuilding revenue:
   Housing revenue$940,031 $1,016,513 
   Land revenue4,542 3,228 
Total homebuilding revenue$944,573 $1,019,741 
Financial services revenue31,520 26,962 
Total revenue$976,093 $1,046,703 
Cost of sales - operations723,310 763,360 
Gross margin$252,783 $283,343 
General and administrative expense59,073 56,084 
Selling expense52,786 53,940 
Operating income$140,924 $173,319 
Interest income, net of interest expense
(5,197)(6,920)
Income before income taxes$146,121 $180,239 
Provision for income taxes34,884 42,178 
Net income$111,237 $138,061 
Earnings per share:
Basic$4.07 $4.92 
Diluted$3.98 $4.78 
Weighted average shares outstanding:
Basic27,314 28,052 
Diluted27,941 28,888 


M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

As of
March 31,
20252024
Assets:
Total cash, cash equivalents and restricted cash (1)
$776,378 $870,162 
Mortgage loans held for sale238,583 235,047 
Inventory:
Lots, land and land development1,666,045 1,448,459 
Land held for sale3,903 136 
Homes under construction1,342,424 1,169,791 
Other inventory192,333 155,779 
Total Inventory$3,204,705 $2,774,165 
Property and equipment - net33,569 33,145 
Investments in joint venture arrangements70,727 59,146 
Operating lease right-of-use assets57,428 57,890 
Goodwill16,400 16,400 
Deferred income tax asset13,451 15,313 
Other assets173,982 150,683 
Total Assets$4,585,223 $4,211,951 
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net$397,846 $397,072 
Senior notes due 2030 - net297,495 296,991 
Total Debt - Homebuilding Operations$695,341 $694,063 
Notes payable bank - financial services operations227,957 224,321 
Total Debt$923,298 $918,384 
Accounts payable228,909 224,972 
Operating lease liabilities58,960 59,163 
Other liabilities367,722 370,647 
Total Liabilities$1,578,889 $1,573,166 
Shareholders’ Equity3,006,334 2,638,785 
Total Liabilities and Shareholders’ Equity$4,585,223 $4,211,951 
Book value per common share$112.29 $95.09 
Homebuilding debt to capital ratio (2)
19 %21 %
(1)Includes $0.2 million and $0.5 million of restricted cash and cash held in escrow for the quarters ended March 31, 2025 and 2024, respectively.
(2)The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders’ equity.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20252024
Cash provided by operating activities$64,887 $115,772 
Cash used in investing activities$(2,928)$(17,108)
Cash (used in) provided by financing activities$(107,151)$38,694 
Land/lot purchases$145,983 $107,660 
Land development spending$101,599 $119,367 
Land sale revenue$4,542 $3,228 
Land sale gross profit
$786 $1,313 
Financial services pre-tax income$16,106 $12,312 



M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
March 31,
20252024
Net income$111,237 $138,061 
Add:
Provision for income taxes34,884 42,178 
Interest income - net
(8,041)(9,767)
Interest amortized to cost of sales6,901 8,302 
Depreciation and amortization4,777 4,467 
Non-cash charges4,200 3,539 
Adjusted EBITDA$153,958 $186,780 

(1) We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
Three Months Ended
March 31,
%
Region20252024Change
Northern1,065 1,162 (8)%
Southern1,227 1,385 (11)%
Total2,292 2,547 (10)%


HOMES DELIVERED
Three Months Ended
March 31,
%
Region20252024Change
Northern826 843 (2)%
Southern1,150 1,315 (13)%
Total1,976 2,158 (8)%


BACKLOG
March 31, 2025March 31, 2024
DollarsAverageDollarsAverage
RegionUnits(millions)Sales PriceUnits(millions)Sales Price
Northern1,375 $765 $556,000 1,567 $822 $525,000 
Southern1,472 $795 $540,000 1,824 $967 $530,000 
Total2,847 $1,559 $548,000 3,391 $1,789 $528,000 


LAND POSITION SUMMARY
March 31, 2025March 31, 2024
LotsLots UnderLotsLots Under
RegionOwnedContractTotalOwnedContractTotal
Northern6,855 9,501 16,356 7,005 9,279 16,284 
Southern18,355 16,386 34,741 16,821 14,352 31,173 
Total25,210 25,887 51,097 23,826 23,631 47,457