M/I Homes Q3 revenue falls on weaker demand
MHO•M/I Homes' third-quarter revenue declined 5% as demand weakened and mortgage rates rose. Adjusted diluted EPS fell to $2.70 from $4.14 a year earlier, and the company repurchased $50 million of common stock.
1. Quarterly results
M/I Homes reported a 5% decline in third-quarter revenue amid weaker demand and higher mortgage rates. Adjusted diluted EPS fell to $2.70 from $4.14 a year earlier; net income was $67 million.
2. Market conditions
The company said higher mortgage rates, weaker demand and economic uncertainty were current market conditions. It recorded $4.7 million in pre-tax inventory charges, which affected profitability, and said its strong balance sheet positions it to manage through the current cycle.
