M/i homes reports 2022 third quarter results

Columbus, ohio , oct. 26, 2022 /prnewswire/ -- m/i homes, inc. (nyse:mho) announced results for the three and nine months ended september 30, 2022. 2022 third quarter highlights: revenue increased 12% to $1.0 billion, a third quarter record pre-tax income increased 43% to $167 million, a third quarter record net income increased 45% to a third quarter record $132 million ($4.67 per diluted share) from 2021's $91 million ($3.03 per diluted share) homes delivered decreased 1% to 2,026 and average sales price increased 13% to $487,000 new contracts of 1,349, down 31% with average community count down 2% and a cancellation rate of 17% backlog units decreased 16% to 4,536 backlog sales value decreased 5% to $2.4 billion, with average sales price in backlog at an all-time record $533,000 shareholders' equity reached an all-time record of $1.9 billion, a 25% increase from a year ago, with book value per share of $71 homebuilding debt to capital ratio of 26% compared to 31% at september 30, 2021 return on equity of 27% for the third quarter of 2022, pre-tax income increased 43% to a record $166.6 million and third quarter net income increased 45% to a record $131.6 million, or $4.67 per diluted share.
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