M/i homes reports fourth quarter and year-end results

Columbus, ohio , jan. 31, 2024 /prnewswire/ -- m/i homes, inc. (nyse: mho) announced results for its fourth quarter and year ended december 31, 2023. 2023  fourth quarter results: new contracts increased 61% to 1,588 backlog sales value of $1.6 billion compared to $1.7 billion last year homes delivered decreased 15% to 2,019 revenue of $972.6 million, down 20% pre-tax income of $138.0 million, down 16% net income decreased 19% to $105.3 million ($3.66 per diluted share) compared to $130.4 million ($4.65 per diluted share) in 2022 2023  full year results: new contracts increased 20% to 7,977 homes delivered of 8,112 compared to 8,366 in 2022, a 3% decrease revenue of $4.0 billion, a decrease of 2% over last year pre-tax income of $607.3 million, a 4% decrease compared to $635.2 million in 2022 net income of $465.4 million ($16.21 per diluted share) compared to $490.7 million in 2022 ($17.24 per diluted share) shareholders' equity reached an all-time record of $2.5 billion, a 22% increase from a year ago, with book value per share of $91 return on equity of 20.2% homebuilding debt to capital ratio of 22% compared to 25% at december 31, 2022 for the fourth quarter of 2023, the company reported net income of $105.3 million, or $3.66 per diluted share, compared to net income of $130.4 million, or $4.65 per diluted share, for the fourth quarter of 2022.
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