M/I Homes (MHO) Tops Q2 EPS by 2c

M/I Homes (NYSE: MHO) reported Q2 EPS of $0.43, $0.02 better than the analyst estimate of $0.41. Revenue for the quarter came in at $322.9 million versus the consensus estimate of $331.72 million.

Homes delivered in 2015's second quarter were 919 compared to 894 deliveries in 2014's second quarter - a 3% increase. Homes delivered for the six months ended June 30, 2015 were 1,636 compared to 2014's deliveries of 1,631. New contracts for 2015's second quarter were 1,100, an increase of 8% from 2014's second quarter. For the first six months of 2015, new contracts increased 11% from 1,998 in 2014 to 2,208 in 2015. M/I Homes had 155 active communities at June 30, 2015 compared to 145 at June 30, 2014 and 150 at December 31, 2014. The Company's cancellation rate was 14% in the second quarter of 2015 compared to 15% in 2014's second quarter. Homes in backlog increased 9% at June 30, 2015 to 1,794 units, with a sales value of $657 million (a 20% increase over last year's second quarter), and an average sales price increase of 10% to a record high of $366,000. At June 30, 2014, the sales value of homes in backlog was $546 million, with an average sales price of $332,000 and backlog units of 1,647.

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

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