M/I Homes, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Land Purchase and Development Spending and Effective Rate Guidance for the Year 2017
October 25, 2017 at 06:00 pm IST
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M/I Homes, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total revenue of USD 476,423,000 compared to USD 442,464,000 a year ago. Operating income was USD 39,277,000 compared to USD 22,006,000 a year ago. Income before income taxes was USD 34,673,000 compared to USD 18,443,000 a year ago. Net income to common shareholders was USD 18,852,000 or USD 0.64 per diluted share compared to USD 9,724,000 or USD 0.35 per diluted share a year ago. Adjusted EBITDA was USD 48,765,000 compared to USD 31,284,000 a year ago. Cash flow used in operating activities was USD 26,705,000 compared to USD 14,437,000 a year ago. Adjusted diluted earnings per share were USD 0.71 against USD 0.65 a year ago. During the third quarter of 2017, the company spent USD 65 million on land purchases and USD 54 million on land development for a total of USD 119 million, and about 30% of the purchased amount was raw land.
For the nine months, the company reported total revenue of USD 1,340,269,000 compared to USD 1,168,081,000 a year ago. Operating income was USD 99,842,000 compared to USD 70,855,000 a year ago. Income before income taxes was USD 86,193,000 compared to USD 58,108,000 a year ago. Net income to common shareholders was USD 50,286,000 or USD 1.73 per diluted share compared to USD 32,391,000 or USD 1.17 per diluted share a year ago. Book value per common share as on September 30, 2017 was USD 26.27 compared to USD 23.58 as on September 30, 2016. Adjusted EBITDA was USD 126,042,000 compared to USD 96,402,000 a year ago. Cash flow used in operating activities was USD 66,025,000 compared to cash flow provided by operating activities of USD 26,502,000 a year ago. Adjusted income before income taxes was USD 94,693,000 compared to USD 77,517,000 a year ago. Adjusted net income was USD 61,639,000 compared to USD 48,081,000 a year ago. Adjusted diluted earnings per share were USD 1.98 against USD 1.57 a year ago.
The company estimates for 2017 land purchase and development spending is USD 525 million to USD 550 million, which includes the USD 387 million spent year-to-date. The company estimates annual effective rate to be 35%.
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 Third Quarter and Nine Months Ended September 30, 2017; Provides Land Purchase and Development Spending and Effective Rate Guidance for the Year 2017
M/I HOMES, INC. 
