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M/I Homes Inc. (MHO-1.81%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a 12% increase in revenue to $4.5 billion, driven by a 12% increase in homes delivered, totaling 9,055 homes. The average sales price of homes delivered remained at $483,000.
Net income for the year was $563.7 million, up from $465.4 million in 2023. The company reported an effective tax rate of 23.2%, slightly lower than the previous year's 23.4%.
M/I Homes ended the year with $821.6 million in cash and cash equivalents, an increase from $732.8 million at the end of 2023. The company invested $472.9 million in land acquisitions and $646.0 million in land development during the year.
The company opened 72 new communities and closed 65, ending the year with 220 active communities. The average community count increased by 7% compared to the previous year.
M/I Homes' financial services operations reported a 24% increase in revenue to $116.2 million, attributed to an increase in the number of loan originations and a slight increase in the average loan amount.
The company's homebuilding gross margin improved to 24.7%, up from 23.5% in 2023. The improvement was primarily due to an increase in the number of homes delivered.
M/I Homes repurchased 1.2 million shares for $177.0 million under its 2024 Share Repurchase Program, which replaced the 2021 program.
The company expects to grow its average community count by approximately 5% in 2025 and plans to continue managing its balance sheet and liquidity carefully.
M/I Homes' board of directors approved a new share repurchase program in February 2025, allowing for the repurchase of up to $250 million of its outstanding common shares.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the M/I Homes Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.