M/I Homes, Inc. reported significant financial performance for the third quarter and the nine months ended September 30, 2024, reflecting a robust growth trajectory compared to the previous fiscal period. Total revenue for Q3 2024 reached $1,142.9 million, marking a 9% increase from $1,046.4 million in Q3 2023. Year-to-date revenue also rose by 8% to $3,299.4 million, up from $3,060.9 million in the same period last year. The company's housing revenue for Q3 2024 was $1,111.4 million, compared to $1,008.4 million in Q3 2023, driven by an increase in the number of homes delivered.
Net income for the third quarter was $145.4 million, or $5.10 per diluted share, compared to $139.0 million, or $4.82 per diluted share, in Q3 2023. For the nine months ended September 30, 2024, net income totaled $430.3 million, up from $360.1 million in the same period of 2023. The company’s income before income taxes for Q3 2024 increased by 6% to $188.7 million, while year-to-date income before taxes rose by 20% to $563.1 million.
The company’s total assets increased to $4,459.9 million as of September 30, 2024, from $4,022.4 million at the end of 2023. This growth was accompanied by a rise in total liabilities to $1,614.5 million, up from $1,505.5 million. Shareholders’ equity also saw a significant increase, reaching $2,845.4 million, compared to $2,516.9 million at the end of 2023.
M/I Homes experienced a notable increase in inventory, which rose to $3,132.7 million as of September 30, 2024, from $2,797.2 million at the end of 2023. The company reported a total of 2,375 homes under construction, with a carrying value of $509.4 million, compared to 2,023 homes valued at $424.2 million at the end of 2023.
In terms of operational efficiency, the gross margin for Q3 2024 improved to 27.1%, while year-to-date gross margin increased to 27.3%. The company opened 57 new communities and closed 53 during the nine months ended September 30, 2024, resulting in a total of 217 active communities.
M/I Homes also announced a new share repurchase program in May 2024, allowing for the purchase of up to $250 million of outstanding common shares, with $156.9 million remaining available as of September 30, 2024. The company’s financial services segment reported a 27% increase in revenue for Q3 2024, reaching an all-time quarterly record of $30.0 million, attributed to higher margins on loans sold and an increase in loans originated.
About M/I HOMES, INC.
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