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M/I Homes Reports Impressive Second Quarter Results for 2025

M/I Homes, Inc. (NYSE: MHO), a prominent player in the homebuilding sector, recently released its financial results for the second quarter of 2025. The report reflects a resilient performance amid challenging market conditions, and it highlights a series of achievements that stakeholders should take note of.

Key Financial Highlights

In its announcement on July 23, 2025, M/I Homes reported a record-breaking revenue for the quarter, with total earnings reaching approximately $1.2 billion. This represents a 5% increase compared to the same quarter last year, fueled by a significant 6% rise in the number of homes delivered, totaling 2,348 units. The second quarter marks the highest delivery numbers recorded to date for the company.

Despite the uptick in revenue and home deliveries, the company faced a decline in pre-tax income, which dropped by 18% to $160 million. This aligns with 14% of its overall revenue. Additionally, net income stood at $121 million, equating to $4.42 per diluted share, down from $147 million or $5.12 per diluted share in the previous year’s second quarter.

The company reported a notable increase in shareholders' equity, which reached a record high of $3.1 billion, marking a 12% improvement year-over-year. The book value per share now stands at $117. However, new contracts signed during the period reflected an 8% decrease, totaling 2,078 contracts compared to 2,255 in the second quarter of 2024.

Backlog and Market Conditions

As of June 30, 2025, M/I Homes reported a backlog of 2,577 homes, valued at $1.43 billion—this illustrates a significant 22% decrease from the previous year. The average sales price of homes in backlog is now $553,000. The company’s cancellation rate slightly increased to 13%, compared to 10% the previous year, which indicates some level of fluctuation in market demands.

CEO Robert H. Schottenstein noted, “We delivered solid second quarter results despite continued challenging market conditions. Our results are highlighted by new second quarter records in revenue and homes delivered.” His positive sentiment reflects the company's robust positioning and strategic management amidst economic fluctuations.

Financial Position and Future Outlook

M/I Homes maintains a strong financial position, with zero borrowings under its $650 million unsecured credit facility and a cash reserve of $800 million. The company’s homebuilding debt-to-capital ratio is at a manageable 18%, and it boasts a net debt-to-capital ratio of negative 3%. Schottenstein commented on the promising fundamentals of the housing market, expressing confidence in navigating the current uncertainties.

In terms of community presence, M/I Homes reported a record 234 communities as of June 30, 2025, a jump from 211 in 2024. The company is committed to strategically investing in its operations, and it anticipates a 5% growth in its average community count by year-end.

Looking Ahead

The earnings conference call is scheduled for July 23, 2025, at 10:30 A.M. Eastern Time, where M/I Homes will detail its performance and future strategy. Those interested can access the live call through the company’s website.

With the real estate market facing both hurdles and opportunities, M/I Homes continues to demonstrate resilience and adaptability. As they navigate through the complexities of consumer demand and competition, the company remains a significant figure in the American homebuilding landscape. Investors and homeowners alike will be keenly watching how M/I Homes evolves and responds to ongoing market dynamics in the coming quarters.