M/I Homes, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment Charges for the Fourth Quarter of 2017; Provides Tax Rate Guidance for 2018
February 01, 2018 at 07:00 pm IST
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M/I Homes, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total homebuilding revenue of $609,947,000 compared to $511,799,000 a year ago. Total revenue was $621,702,000 compared to $523,246,000 a year ago. Operating income was $38,817,000 compared to $37,888,000 a year ago. Income before income taxes was $34,131,000 compared to $33,677,000 a year ago. Net income was $15,882,000 or $0.53 per diluted share compared to $20,562,000 or $0.67 per diluted share a year ago. Adjusted EBITDA was $58,532,000 compared to $51,995,000 a year ago. Cash provided by operating activities was $13,495,000 compared to $7,695,000 a year ago. Adjusted income before income taxes was $41,812,000 compared to $37,669,000 a year ago. Adjusted net income was $27,318,000 or $0.90 per diluted share compared to $23,037,000 or $0.75 per diluted share a year ago. The increase in revenue was primarily a result of an increase in the number of homes the company delivered as well as record fourth quarter revenue from financial services operation.
For the year, the company reported total homebuilding revenue of $1,912,278,000 compared to $1,649,316,000 a year ago. Total revenue was $1,961,971,000 compared to $1,691,327,000 a year ago. Operating income was $138,659,000 compared to $108,743,000 a year ago. Income before income taxes was $120,324,000 compared to $91,785,000 a year ago. Net income was $72,081,000 or $2.26 per diluted share compared to $56,609,000 or $1.84 per diluted share a year ago. Adjusted EBITDA was $184,574,000 compared to $148,397,000 a year ago. Cash used in operating activities was $52,530,000 compared to cash provided by operating activities of $34,197,000 a year ago. Adjusted income before income taxes was $136,505,000 compared to $115,186,000 a year ago. Adjusted net income was $88,957,000 or $2.88 per diluted share compared to $71,118,000 or $2.32 per diluted share a year ago.
The company recorded $8 million of impairment charges in 2017's fourth quarter related to 3 Texas communities. These communities were purchased a couple of years ago with higher-priced lots.
The company estimates that 2018 effective tax rate will approximate 26%.
M/I Homes, Inc. is a builder of single-family homes. The Company designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 213 communities within 17 markets located in 10 states. The Company operates through two distinct operations: homebuilding and financial services. Its homebuilding operations are aggregated for reporting purposes into two reporting segments: the Northern and Southern regions. Its homebuilding division is engaged in the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Its financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.
M/I Homes, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment Charges for the Fourth Quarter of 2017; Provides Tax Rate Guidance for 2018
M/I HOMES, INC. 
