M/I HOMES Reports Record Earnings Results for FY2023 Q2
July 28, 2023
🌥️Earnings Overview
On July 26 2023, M/I HOMES ($NYSE:MHO) released their financial results for the second quarter of 2023, ending June 30 2023. The quarter reported a total revenue of USD 1014.0 million, a decrease of 2.6% compared to the same period in the prior year. Net income for the period was USD 118.0 million, a decline of 13.8% year over year.
Share Price
On Wednesday, M/I HOMES reported record earnings results for the second quarter of its fiscal year 2023. The homebuilding company’s stock opened at $97.0 and closed at $96.1, up by 2.4% from the previous closing price of 93.8. This marks a new all-time high for the company, reaching a milestone of impressive financial growth. Despite this, M/I HOMES managed to report higher-than-expected earnings, demonstrating its resilience to the challenging market conditions. The company attributed its success to its strong focus on meeting the needs of homebuyers.
By leveraging its innovative construction methods and designs, M/I HOMES has been able to expand its portfolio of quality homes and provide its customers with a range of options that meet their individual needs. Overall, the record earnings results reported by M/I HOMES are indicative of the company’s ability to successfully navigate a difficult economic environment and continue to grow its business despite the pandemic. Going forward, investors are expected to remain optimistic about the company’s future prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for M/i Homes. More…
| Total Revenues | Net Income | Net Margin |
| 4.24k | 483.05 | 11.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for M/i Homes. More…
| Operations | Investing | Financing |
| 523.22 | -18.72 | -24.97 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for M/i Homes. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.86k | 1.56k | 78.45 |
Key Ratios Snapshot
Some of the financial key ratios for M/i Homes are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 16.5% | 39.2% | 14.5% |
| FCF Margin | ROE | ROA |
| 12.2% | 17.7% | 10.0% |
Analysis
GoodWhale has conducted an analysis of M/I HOMES‘s fundamentals, finding that it is classified as a ‘gorilla’ company. This type of company is characterized by stable and high revenue or earning growth due to a strong competitive advantage. Investors who are interested in such a company may be looking for long-term capital growth and may ignore the weak dividend. Looking deeper into the fundamentals, GoodWhale found that M/I HOMES is strong in assets, growth, and profitability, allowing the company to fund future operations and pay off debt. This has resulted in an intermediate health score of 6/10, indicating that M/I HOMES is well-positioned to perform well over a long period of time. More…
Peers
In the homebuilding industry, M/I Homes Inc competes against other large national builders such as Green Brick Partners Inc, Century Communities Inc, and Taylor Morrison Home Corp. M/I Homes has a long history dating back to 1976, and is one of the largest private homebuilders in the United States. The company is known for its quality construction and customer service.
– Green Brick Partners Inc ($NYSE:GRBK)
The company’s market cap is 937.35M as of 2022, a Return on Equity of 22.35%. The company is engaged in the business of homebuilding and land development in the United States. It is one of the largest homebuilders in the United States by market capitalization. The company’s shares are traded on the New York Stock Exchange under the ticker symbol “GBP”.
– Century Communities Inc ($NYSE:CCS)
Century Communities Inc is a homebuilding company that focuses on the development and construction of residential communities in the United States. As of 2022, the company has a market cap of 1.42 billion and a return on equity of 25.9%. The company’s primary business activity is the development and construction of residential communities. In addition to its focus on residential communities, Century Communities also engages in the development and construction of mixed-use projects and commercial properties.
– Taylor Morrison Home Corp ($NYSE:TMHC)
Taylor Morrison Home Corp is a homebuilder and land developer with operations in the United States and Canada. The company has a market cap of 2.81B as of 2022 and a return on equity of 18.1%. Taylor Morrison specializes in the design, construction, and sale of single-family detached and attached homes, as well as the development of master-planned communities. The company’s homes are marketed and sold under the Taylor Morrison, Darling Homes, and Avalon Communities brands.
Summary
M/I HOMES released their earnings results for the second quarter of 2023, which ended on June 30. Revenue decreased by 2.6% to USD 1014.0 million, while net income decreased by 13.8% to USD 118.0 million. Despite the decrease in earnings, this can still be an attractive investment opportunity for investors.
M/I HOMES has a long history of success and may offer potential investors strong returns in the long-term. It’s important for investors to analyze the company’s current performance and compare it to past results before deciding if M/I HOMES is a good fit for their portfolio.
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