M/I Homes (MHO) Tops Q4 EPS by 3c

M/I Homes (NYSE: MHO) reported Q4 EPS of $0.48, $0.03 better than the analyst estimate of $0.45. Revenue for the quarter came in at $367.96 million versus the consensus estimate of $358.6 million.

New contracts for 2014's fourth quarter were 773 - decreasing 3% from 2013's fourth quarter of 793. For 2014, new contracts decreased 3% from 3,787 in 2013 to 3,663 in 2014. M/I Homes had 150 active communities at December 31, 2014 compared to 157 a year ago - a 4% decrease. The Company's cancellation rate was 19% in both the fourth quarter of 2014 and 2013. Homes delivered of 1,105 in 2014's fourth quarter were 1% lower than 2013's 1,120 homes delivered. Homes delivered for the twelve months ended December 31, 2014 reached their highest level in eight years, increasing 7% to 3,721 from 2013's deliveries of 3,472. The backlog of homes at December 31, 2014 had a total sales value of $425 million, a 4% increase over a year-ago, with backlog units of 1,222 and an average sales price of $348,000. At December 31, 2013, backlog total sales value was $408 million, with backlog units of 1,280 and an average sales price of $319,000.

For earnings history and earnings-related data on M/I Homes (MHO) click here.

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