Columbus, Ohio (January 29, 2025) - M/I Homes, Inc. (NYSE:MHO) announced results for its fourth quarter and year ended December 31, 2024.

•Record fourth quarter homes delivered and income

•New contracts increased 11% to 1,759

•Homes delivered increased 19% to 2,402

•Revenue of $1.2 billion, up 24%

•Pre-tax income of $171 million, up 24%

•Net income increased 27% to $133.5 million ($4.71 per diluted share) compared to $105 million ($3.66 per diluted share) in 2023

•Repurchased $50 million of stock

•Record homes delivered, revenue and income

•New contracts increased 8% to 8,584

•Homes delivered increased 12% to 9,055

•Revenue increased 12% to $4.5 billion

•Pre-tax income increased 21% to $734 million; 16% of revenue

•Net income increased 21% to $564 million ($19.71 per diluted share)

•Shareholders’ equity reached an all-time record of $2.9 billion, a 17% increase from a year ago,

with book value per share of $109

•Repurchased $176.0 million of stock

•Return on equity of 21%

•Homebuilding debt to capital ratio of 19% compared to 22% at December 31, 2023

For the fourth quarter of 2024, the Company reported net income of $133.5 million, or $4.71 per diluted share, compared to net income of $105.3 million, or $3.66 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $563.7 million, or $19.71 per diluted share, compared to net income of $465.4 million, or $16.21 per diluted share in 2023.

Homes delivered in 2024’s fourth quarter reached an all-time quarterly record of 2,402, a 19% increase compared to 2,019 deliveries in 2023’s fourth quarter. Homes delivered for the twelve months ended December 31, 2024 increased 12% to a record 9,055 from 2023’s deliveries of 8,112. New contracts for 2024’s fourth quarter increased 11% to 1,759 from 1,588 new contracts in 2023’s fourth quarter. For 2024, new contracts were 8,584, an 8% increase from 2023’s 7,977 new contracts. Homes in backlog decreased 16% at December 31, 2024 to 2,531 units, with a sales value of $1.4 billion, an 11% decrease from last year, while the average sales price in backlog increased 5% to an all-time record $553,000.

At December 31, 2023, the sales value of the 3,002 homes in backlog was $1.6 billion, with an average sales price of $525,000. M/I Homes had 220 active communities at December 31, 2024 compared to 213 a year ago. The Company’s cancellation rate was 14% in 2024’s fourth quarter compared to 13% for the prior year’s fourth quarter.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We had an outstanding 2024 highlighted by all-time records in homes delivered, revenue and income. Our homes delivered increased 12% to 9,055 generating revenue of $4.5 billion - a 12% increase over 2023. Our gross margins were 26.6% compared to 25.3% and pre-tax income was $734 million, a 21% increase over last year. Our pre-tax margin reached 16% and we produced a strong return on equity of 21%.”

Mr. Schottenstein continued, “We are in excellent financial condition. We ended the year with record shareholders’ equity of $2.9 billion, cash of $822 million, zero borrowings under our $650 million credit facility, a homebuilding debt to capital ratio of 19% and a net debt to capital ratio of negative 5%. Our year-end book value was a record $109 per share. As we begin 2025, we believe our industry will continue to benefit from strong fundamentals, including favorable demographic trends and an undersupply of housing.”

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 January 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, 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.

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

(1)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.

Non-GAAP Financial Results (1)

(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.