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M/I Homes dips as recent economic reports overshadow strong Q2

Jul. 25, 2018 11:25 AM ETM/I Homes, Inc. (MHO) StockBy: Liz Kiesche, SA News Editor
  • 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)

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