COLUMBUS, Ohio, July 30, 2024 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2024. 2024 Second Quarter Highlights: Homes delivered increased 12% to 2,224 Revenue increased 9% to $1.1 billion, a second quarter record Pre-tax income increased 25% to $194.1 million, 17.5% of revenue, all-time quarterly records Net income increased 24% to an all-time quarterly record of $146.7 million ($5.12 per diluted share) Shareholders' equity reached a record $2.7 billion, a 19% increase from a year ago, with book value per share of $100 New contracts increased 3% to 2,255 Backlog sales value increased to $1.82 billion, up 3% Repurchased $50 million of common stock Return on equity of 21% The Company reported pre-tax income of $194.1 million and net income of $146.7 million ($5.12 per diluted share), both all-time quarterly records. This compares to pre-tax income of $155.4 million and net income of $118.0 million, or $4.12 per diluted share, for the second quarter of 2023. For the six months ended June 30, 2024, pre-tax income increased to a record $374.4 million and net income increased to a record $284.8 million, or $9.90 per diluted share, compared to $291.3 million and $221.1 million, or $7.77 per diluted share, for the same period of 2023, respectively. Homes delivered in 2024's second quarter increased 12% to 2,224 homes. This compares to 1,990 homes delivered in 2023's second quarter. Homes delivered for the six months ended June 30, 2024 increased 10% to 4,382 from 2023's deliveries of 3,997. New contracts for the second quarter of 2024 increased 3% to 2,255 compared to 2,197 in 2023.  For the first half of 2024, new contracts increased 10% to 4,802 compared to 4,368 in 2023. Homes in backlog at June 30, 2024 had a total sales value of $1.82 billion, a 3% increase from a year ago. Backlog units at June 30, 2024 decreased 2% to 3,422 homes, with an average sales price of $533,000. At June 30, 2023, backlog sales value was $1.78 billion, with backlog units of 3,508 and an average sales price of $507,000. M/I Homes had 211 communities at June 30, 2024 compared to 195 communities at June 30, 2023. The Company's cancellation rate was 10% in both the second quarter of 2024 and the second quarter of 2023. Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had a very strong second quarter highlighted by all-time quarterly records in income, gross margins and pre-tax margins. For the quarter, revenue increased by 9%, gross margins were 28% compared to 25% a year-ago, pre-tax margins were 17.5% compared to 15.3% a year ago, and pre-tax income improved by 25% to an all-time record $194.1 million. These results produced a solid 21% return on equity." Mr. Schottenstein continued, "Our financial condition is strong. We ended the quarter with record shareholders' equity of $2.7 billion, an increase of 19% from a year ago, book value of $100 per share, cash of $837 million, a homebuilding debt to capital ratio of 20%, and a net-debt-to-capital ratio of negative 6%. Given our first-half performance, along with the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities, we are positioned to have a very strong 2024." 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 July 2025. 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, 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, 2023, 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.   M/I Homes, Inc. and Subsidiaries Summary Statement of Income (unaudited) (Dollars and shares in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 New contracts 2,255 2,197 4,802 4,368 Average community count 215 198 214 197 Cancellation rate 10 % 10 % 9 % 12 % Backlog units 3,422 3,508 3,422 3,508 Backlog sales value $  1,822,686 $  1,777,657 $  1,822,686 $  1,777,657 Homes delivered 2,224 1,990 4,382 3,997 Average home closing price $           482 $           493 $           477 $           489 Homebuilding revenue:    Housing revenue $  1,072,044 $   980,198 $  2,088,557 $  1,955,144    Land revenue 6,975 8,549 10,203 8,852 Total homebuilding revenue $  1,079,019 $   988,747 $  2,098,760 $  1,963,996 Financial services revenue 30,762 25,266 57,724 50,547 Total revenue $  1,109,781 $  1,014,013 $  2,156,484 $  2,014,543 Cost of sales - operations 800,501 755,829 1,563,861 1,521,733 Gross margin $   309,280 $   258,184 $   592,623 $   492,810 General and administrative expense 63,994 55,654 120,078 106,614 Selling expense 58,495 51,871 112,435 100,951 Operating income $   186,791 $   150,659 $   360,110 $   285,245 Other income — (28) — (35) Interest income, net of interest expense (7,348)