Overview

* M/I Homes ( MHO ) Q2 revenue rises 5% to $1.2 bln, record homes delivered

* Net income falls to $121 mln from $147 mln, pre-tax income down 18%

* Company repurchased $50 mln of common stock, shareholders' equity up 12%

Outlook

* Company plans to grow average community count by 5% this year

* Company confident in housing industry fundamentals despite uncertainty, challenging market conditions

Result Drivers

* RECORD REVENUE - Achieved record Q2 revenue of $1.2 bln, driven by a 6% increase in homes delivered

* CHALLENGING MARKET - CEO cites challenging market conditions impacting pre-tax income, which fell 18%

* BACKLOG DECLINE - Backlog units decreased 25% to 2,577 homes, with a 22% drop in sales value

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $4.42

Q2 Net $121 mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the homebuilding peer group is "hold."

* Wall Street's median 12-month price target for M/I Homes Inc ( MHO ) is $151.00, about 18.3% above its July 22 closing price of $123.33

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)