Overview

* M/I Homes ( MHO ) Q3 revenue declined 1% to $1.1 bln, missing analyst expectations

* Company delivered a record 2,296 homes in Q3, despite challenging market conditions

* M/I Homes ( MHO ) repurchased $50 mln of common stock and received a credit rating upgrade

Outlook

* Company notes market conditions remain volatile but is confident in housing industry fundamentals

* M/I Homes ( MHO ) highlights strong financial position with credit rating upgrade and facility extension

Result Drivers

* RECORD HOME DELIVERIES - Delivered a record 2,296 homes despite challenging market conditions

* DECREASED NEW CONTRACTS - New contracts fell 6% to 1,908 compared to last year's third quarter

* BACKLOG DECLINE - Backlog units decreased 31% with a 30% drop in sales value

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $1.10 $1.15

Revenue bln bln (2

Analysts

)

Q3 EPS $3.92

Q3 Net $106.50

Income mln

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 "buy."

* Wall Street's median 12-month price target for M/I Homes Inc ( MHO ) is $151.00, about 7.1% above its October 21 closing price of $140.30

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release:

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(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.)