M/I Homes, Inc. (NYSE:MHO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.89%.
M/I Homes, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.11 in the quarter versus EPS of $-0.11 in the year-earlier quarter.
Revenue: Rose 45.43% to $190.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: M/I Homes, Inc. reported adjusted EPS income of $0.11 per share. By that measure, the company beat the mean analyst estimate of $0.05. It beat the average revenue estimate of $186.53 million.
Quoting Management: Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are very pleased with our first quarter results – achieving our fourth consecutive quarter of net income and fourth consecutive quarter of at least 30% improvement in our new contracts. In addition, we ended the quarter with a strong backlog value of $401 million, representing a 60% improvement over last year. Our gross margin of 20.1% and our selling, general and administrative expense leverage of 15.3% both improved by over 200 basis points from last year’s first quarter and our operating margin of 4.8% is the highest level we have achieved since 2006.
Key Stats (on next page)…