M/I Homes (MHO) Tops Q1 EPS by 9c

M/I Homes (NYSE: MHO) reported Q1 EPS of $0.23, $0.09 better than the analyst estimate of $0.14. Revenue for the quarter came in at $234.84 million versus the consensus estimate of $239.48 million.

Homes delivered in the first quarter were 737, an increase of 18% from the 627 reported for the same period of 2013. New contracts for the first quarter were 982, a 6% decrease from the 1,047 recorded in 2013's first quarter. The backlog of homes at March 31, 2014 had a total sales value of $496 million, a 24% increase over a year-ago, with backlog units of 1,525 and an average sales price of $326,000. At March 31, 2013 backlog sales value was $401 million, with backlog units of 1,385 and an average sales price of $290,000. M/I Homes had 158 active communities at March 31, 2014 compared to 135 at March 31, 2013 and 157 at December 31, 2013. The Company's cancellation rate was 16% in the first quarter of 2014 compared to 15% in 2013's first quarter.

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

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