M/I Homes (MHO) Tops Q3 EPS by 3c

M/I Homes (NYSE: MHO) reported Q3 EPS of $0.44, $0.03 better than the analyst estimate of $0.41. Revenue for the quarter came in at $330.77 million versus the consensus estimate of $299.47 million.

Homes delivered in 2014's third quarter were 985 compared to 937 deliveries in 2013's third quarter - a 5% increase. Homes delivered for the nine months ended September 30, 2014 increased 11% to 2,616 compared to 2013's deliveries of 2,352. New contracts for 2014's third quarter were 892, up 3% from 2013's third quarter. For the first nine months of 2014, new contracts decreased 3% from 2,994 in 2013 to 2,890 in 2014. M/I Homes had 147 active communities at September 30, 2014 and 147 communities at September 30, 2013. The Company's cancellation rate was 16% in the third quarter of 2014 compared to 17% in 2013's third quarter. The backlog of homes at September 30, 2014 had a sales value of $518 million (a 6% increase over last year's third quarter), with an average sales price of $333,000 and backlog units of 1,554. At September 30, 2013 backlog sales value was $488 million, with an average sales price of $304,000 and backlog units of 1,607.

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

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