NYSE$MHO
M/I Homes Inc. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
M/I Homes reported record first quarter results driven by increased new contracts and home deliveries.
M/I Homes announced record first quarter results with a 5% increase in revenue to $1.05 billion and a 34% increase in net income to $138.1 million, driven by a 17% increase in new contracts and an 8% increase in homes delivered. The company's financial condition remains strong, with record shareholders' equity and substantial cash reserves.
- New contracts increased by 17% to 2,547.
- Homes delivered increased by 8% to a record 2,158.
- Revenue increased by 5% to a record $1.05 billion.
- Net income increased by 34% to a record $138.1 million, or $4.78 per diluted share.
Headline financials
Revenue & EPS history
M/I Homes · Revenue · Quarterly
$1.05B
Revenue by segment
M/I Homes · $1.04B total across 3 segments · Q2 2022
- Housing revenue$1.02B+9.2%97.8%
- Financial services$19.4M-32.3%1.9%
- Land revenue$3.37M—0.3%
Forward guidance
M/I Homes is positioned for a strong 2024 due to its first quarter performance, diverse product offerings, and well-located communities.
Tailwinds
- Exceptional first quarter performance with records in homes delivered, revenue, and income.
- New contracts increased by 17%, indicating strong demand.
- Gross margins improved by 360 basis points to 27%.
- Pre-tax income increased by 33% to a first quarter record of $180.2 million.
- Strong financial condition with record shareholders’ equity and substantial cash reserves.
Headwinds
- No specific negative factors were mentioned in the provided text.
- No specific negative factors were mentioned in the provided text.
- No specific negative factors were mentioned in the provided text.
- No specific negative factors were mentioned in the provided text.
- No specific negative factors were mentioned in the provided text.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.2%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.4%
Avg return
30 days after
50%
33 / 66 earnings
Positive
+14.8%
Q2 2019
Best reaction
-13.9%
Q4 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.6% | +4.1% | +0.7% | |
| Q4 2025 | +2.8% | +3.9% | +10.5% | |
| Q3 2025 | -5.9% | -8.5% | -6.9% | |
| Q2 2025 | -1.3% | -1.1% | +6.5% | |
| Q1 2025 | -3.6% | -3.8% | -2.7% | |
| Q4 2024 | -5.0% | -10.7% | -13.4% | |
| Q3 2024 | -1.2% | +1.6% | +7.5% | |
| Q2 2024 | +0.1% | -7.7% | -5.1% | |
| Q1 2024 | +0.7% | +1.5% | +4.5% | |
| Q4 2023 | -4.6% | -8.6% | -2.9% | |
| Q3 2023 | +5.1% | +4.7% | +35.8% | |
| Q2 2023 | +3.7% | +6.6% | -3.7% | |
| Q1 2023 | +2.7% | +2.5% | +9.0% | |
| Q4 2022 | +5.7% | +2.0% | +0.5% | |
| Q3 2022 | -1.5% | -2.3% | +3.8% | |
| Q2 2022 | +3.2% | +1.2% | -1.1% | |
| Q1 2022 | -0.3% | +3.2% | +4.7% | |
| Q4 2021 | -1.3% | -5.6% | -2.5% | |
| Q3 2021 | -6.3% | -4.4% | -5.5% | |
| Q2 2021 | +10.5% | +10.2% | +12.2% | |
| Q1 2021 | +13.0% | +14.6% | +14.3% | |
| Q4 2020 | +0.6% | +5.8% | -0.5% | |
| Q3 2020 | +1.2% | +2.3% | +8.9% | |
| Q2 2020 | +10.0% | +7.6% | +12.0% | |
| Q1 2020 | +9.3% | +8.8% | +43.7% | |
| Q4 2019 | -2.0% | -3.3% | -16.8% | |
| Q3 2019 | +13.1% | +9.6% | +7.6% | |
| Q2 2019 | +14.8% | +21.0% | +24.7% | |
| Q1 2019 | -1.7% | -1.9% | +0.3% | |
| Q4 2018 | +9.6% | +6.0% | -0.1% | |
| Q3 2018 | +4.0% | +3.6% | +9.0% | |
| Q2 2018 | +0.1% | -2.1% | +0.2% | |
| Q1 2018 | -1.5% | -5.1% | -11.0% | |
| Q4 2017 | -1.5% | -1.5% | -7.8% | |
| Q3 2017 | +7.5% | +12.8% | +23.1% | |
| Q2 2017 | -3.2% | -4.4% | -9.6% | |
| Q1 2017 | +9.6% | +9.1% | +13.3% | |
| Q4 2016 | -5.0% | -6.4% | -2.5% | |
| Q3 2016 | -3.4% | -4.7% | +5.1% | |
| Q2 2016 | +11.1% | +9.2% | +11.9% | |
| Q1 2016 | +0.0% | — | — | |
| Q4 2015 | -0.6% | — | — | |
| Q3 2015 | -6.4% | — | — | |
| Q2 2015 | -3.6% | — | — | |
| Q1 2015 | -0.6% | — | — | |
| Q4 2014 | -1.7% | — | — | |
| Q3 2014 | +1.2% | — | — | |
| Q2 2014 | -6.1% | — | — | |
| Q1 2014 | +3.5% | — | — | |
| Q4 2013 | -2.8% | — | — | |
| Q3 2013 | +8.0% | — | — | |
| Q2 2013 | -5.8% | — | — | |
| Q1 2013 | +7.7% | — | — | |
| Q4 2012 | -13.9% | — | — | |
| Q3 2012 | -4.3% | — | — | |
| Q2 2012 | +4.9% | — | — | |
| Q1 2011 | -2.9% | — | — | |
| Q1 2012 | +11.0% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q2 2011 | -1.7% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2011 | +2.8% | — | — | |
| Q3 2010 | +2.8% | — | — | |
| Q2 2010 | -3.5% | — | — | |
| Q4 2010 | -3.5% | — | — | |
| Q1 2010 | +6.8% | — | — |
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