- M/I Homes (MHO -2.3%) reports Q2 adjusted EPS $1.04, up from 73 cents a year ago. While the homebuilder's results beat consensus, two economic reports reflected weaker-than-anticipated new home sales and a decline in mortgage applications.
- New contracts rose 17% to 1,631, and backlog sales value increased 29% to all-time quarterly record of $1.2B, with backog units up 23% to 2,966.
- Homes delivered rose 16% to 1,409. Average home closing prices grew to $387,000 from $366,000 a year ago.
- Cancellation rate, though, increased to 14% vs 13% Y/Y.
- Source: Press Release
- Previously: M/I Homes beats by $0.05, beats on revenue (July 25)