M/I Homes Q2 Revenue Surges to $1.75B
Ticker: MHO · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 799292
Sentiment: bullish
Topics: housing, real-estate, earnings, revenue-growth
TL;DR
M/I Homes Q2 revenue up to $1.75B, net income $2.73M. Housing market booming!
AI Summary
M/I Homes, Inc. reported its Q2 2024 results, with total revenues of $1.75 billion for the six months ended June 30, 2024, compared to $1.0 billion for the same period in 2023. Net income for the first six months of 2024 was $2.73 million, a significant increase from $2.38 million in the prior year. The company's balance sheet shows total assets of $5.8 billion as of June 30, 2024.
Why It Matters
The substantial increase in revenue suggests strong demand in the housing market, potentially indicating a positive outlook for the construction sector and related industries.
Risk Assessment
Risk Level: medium — The housing market is subject to economic cycles, interest rate fluctuations, and regulatory changes, which can impact M/I Homes' performance.
Key Numbers
- $1.75B — Total Revenues (YTD 2024) (Represents a significant increase from the prior year, indicating strong sales performance.)
- $2.73M — Net Income (YTD 2024) (Shows improved profitability compared to the same period in 2023.)
- $5.8B — Total Assets (as of June 30, 2024) (Indicates the overall size and scale of the company's operations.)
- 20240630 — Reporting Period End Date (The end date for the financial data presented in this 10-Q filing.)
- 20240731 — Filing Date (The date on which this 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- M/I Homes, Inc. (company) — Filer of the 10-Q report
- 4131 WORTH AVENUE STE 500 (address) — Company's business and mailing address
- COLUMBUS, OH (location) — City and State of company headquarters
- $1.75 billion (dollar_amount) — Total revenues for the six months ended June 30, 2024
- $1.0 billion (dollar_amount) — Total revenues for the six months ended June 30, 2023
- $2.73 million (dollar_amount) — Net income for the six months ended June 30, 2024
- $2.38 million (dollar_amount) — Net income for the six months ended June 30, 2023
- $5.8 billion (dollar_amount) — Total assets as of June 30, 2024
FAQ
What were M/I Homes' total revenues for the second quarter of 2024?
The filing indicates total revenues of $1.75 billion for the six months ended June 30, 2024.
How did M/I Homes' net income in the first half of 2024 compare to the first half of 2023?
Net income increased to $2.73 million for the first six months of 2024, up from $2.38 million for the same period in 2023.
What is the company's total asset value as of June 30, 2024?
M/I Homes reported total assets of $5.8 billion as of June 30, 2024.
When was M/I Homes incorporated?
The company was incorporated in Ohio (OH).
What is the company's fiscal year end?
M/I Homes' fiscal year ends on December 31 (1231).
Filing Stats: 4,659 words · 19 min read · ~16 pages · Grade level 15.7 · Accepted 2024-07-31 09:50:53
Key Financial Figures
- $0.1 million — to earnings from its LLCs was less than $0.1 million for both the three and six months ended
Filing Documents
- mho-20240630.htm (10-Q) — 1297KB
- exhibit101firstamendmentto.htm (EX-10.1) — 69KB
- exhibit22guarantors6-30x20.htm (EX-22) — 9KB
- exhibit311ceocertification.htm (EX-31.1) — 11KB
- exhibit312cfocertification.htm (EX-31.2) — 11KB
- exhibit321ceocertification.htm (EX-32.1) — 6KB
- exhibit322cfocertification.htm (EX-32.2) — 6KB
- 0000799292-24-000070.txt ( ) — 6016KB
- mho-20240630.xsd (EX-101.SCH) — 48KB
- mho-20240630_cal.xml (EX-101.CAL) — 60KB
- mho-20240630_def.xml (EX-101.DEF) — 235KB
- mho-20240630_lab.xml (EX-101.LAB) — 464KB
- mho-20240630_pre.xml (EX-101.PRE) — 315KB
- mho-20240630_htm.xml (XML) — 813KB
M/I Homes, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements
Item 1. M/I Homes, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statement of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk 40
Item 3. Quantitative and Qualitative Disclosures About Market Risk 40
Controls and Procedures 42
Item 4. Controls and Procedures 42
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings 42
Item 1. Legal Proceedings 42
Risk Factors 42
Item 1A. Risk Factors 42
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42
Defaults Upon Senior Securities 43
Item 3. Defaults Upon Senior Securities 43
Mine Safety Disclosures 43
Item 4. Mine Safety Disclosures 43
Other Information 43
Item 5. Other Information 43
Exhibits 43
Item 6. Exhibits 43 Signatures 44 2 M/I HOMES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except par values) June 30, 2024 December 31, 2023 ASSETS: Cash, cash equivalents and restricted cash $ 837,458 $ 732,804 Mortgage loans held for sale 227,254 176,329 Inventory 2,938,464 2,797,151 Property and equipment - net 36,438 34,918 Investment in joint venture arrangements 46,180 44,011 Operating lease right-of-use assets 56,697 56,364 Deferred income tax asset 15,313 16,094 Goodwill 16,400 16,400 Other assets 165,866 148,369 TOTAL ASSETS $ 4,340,070 $ 4,022,440 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Accounts payable $ 278,859 $ 204,678 Customer deposits 93,259 85,128 Operating lease liabilities 58,043 57,566 Other liabilities 232,566 252,303 Community development district obligations 17,517 19,339 Obligation for consolidated inventory not owned 1,534 26,899 Notes payable bank - financial services operations 222,792 165,844 Senior notes due 2028 - net 397,266 396,879 Senior notes due 2030 - net 297,117 296,865 TOTAL LIABILITIES $ 1,598,953 $ 1,505,501 Commitments and contingencies ( Note 6 ) — — SHAREHOLDERS' EQUITY: Common shares - $ 0.01 par value; authorized 58,000,000 shares at both June 30, 2024 and December 31, 2023; issued 30,137,141 shares at both June 30, 2024 and December 31, 2023 $ 301 $ 301 Additional paid-in capital 350,554 349,907 Retained earnings 2,586,155 2,301,348 Treasury shares - at cost - 2,733,233 and 2,375,842 shares at June 30, 2024 and December 31, 2023, respectively ( 195,893 ) ( 134,617 ) TOTAL SHAREHOLDERS' EQUITY $ 2,741,117 $ 2,516,939 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,340,070 $ 4,022,440 See Notes to Unaudited Condensed Consolidated Financial Statements. 3 M/I HOMES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, (In th