M/I Homes posted Q2 net income of USD 79.07 million, down 35% year over year, with diluted EPS of USD 3.02.
Revenue fell 9% to USD 1.06 billion; income before income taxes dropped 35% to USD 104.56 million, including USD 4.2 million of pre-tax inventory charges.
Gross margin was 22%; adjusted EBITDA (non-GAAP) declined to USD 120.45 million from USD 169.42 million.
New contracts rose 15% to a Q2 record 2,387; homes delivered slid 6% to 2,206, while the cancellation rate improved 5 percentage points to 8%.
Shareholders’ equity reached a record USD 3.23 billion, book value per share rose to USD 127.88; USD 50 million of stock was repurchased.
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