More on M/I Homes' Q1 beat

• New contracts of 1,108 up 13% Y/Y,
• Deliveries of 717 down 3%. Average closing price of $325K vs. $299K.
• Backlogs of 1,613 homes at ASP of $358K vs. 1,525 homes at ASP of $326K a year ago.
• Cancellation rate of 13% down 300 basis points.
• Gross margin of 21.7% up 170 basis points from Q4.
• Earnings call at 4 ET
• Previously: M/I Homes beats by $0.13, beats on revenue (April 23)
• MHO flat premarket