logo
  Join        Login             Stock Quote

M/I Homes (MHO) Swings To 4Q Profit, Yet Misses Estimates

 January 31, 2013 10:13 AM
 


(By Balaseshan) M/I Homes Inc. (NYSE: MHO) swung to a quarterly profit on jump in new contracts and homes delivered as well as improvement in gross margins. Despite revenue exceeding consensus, earnings missed Street's expectations.

Earnhings for the fourth quarter were $5.02 million or $0.23 per share, compared to a loss of $2.98 million or $0.16 per share last year.

The latest quarter results consisted primarily of adjusted pre-tax income from operations of $7.0 million, offset by $1.6 million of asset impairments and $0.4 million of tax expense.

Total revenue climbed 41.9% to $250.91 million.

[Related -Mixed Day With Positive Technicals]

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.27 per share on revenue of $247.13 million for the fourth quarter.

Total homebuilding revenue jumped 41.7% to $243.28 million, while financial services revenue surged 49.7% to $7.63 million.

Adjusted gross margins expanded 120 basis points.

New contracts soared 33.3% to 673 for the fourth quarter. Homes delivered in the fourth quarter were 887, up from last year's 667. The company's cancellation rate was 21%, compared to 23% in the same period last year.

Backlog of homes at December 31, 2012 had a sales value of $283 million, with backlog units of 965 and an average sales price of $293,000. At December 31, 2011, backlog sales value was $181 million, with backlog units of 676 and an average sales price of $267,000.

"Looking ahead, with macro housing conditions continuing to show noticeable signs of improvement, we are excited about our future. We ended 2012 with momentum and believe we are very well positioned to build upon that momentum as we look to 2013 and beyond," said Robert Schottenstein, Chief Executive Officer and President.

[Related -FBN Securities Updates Homebuilder Rankings]

MHO is trading down 4.98% at $26.33 on Thursday. The stock has been trading between $10.42 and $29.07 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageMBIA Inc. (MBI) : BTI's $12 a Tough Task

MBIA Inc. (NYSE:MBI) is doing well on a day stocks are struggling The guarantee insurance company is the read on...

article imageUrban Outfitters, Inc. (URBN) Q2 Earnings Preview: A Snug Fit

Urban Outfitters, Inc. (NASDAQ:URBN) will hold a webcast to discuss its second quarter of fiscal-year 2015 read on...

article imageEstee Lauder Companies Inc. (EL) Q4 Earnings Preview: Options Player Betting On EL’s EPS Looking Pretty

Estee Lauder Companies Inc. (NYSE:EL) will release fiscal 2014 fourth quarter and full year financial read on...

article imageHerbalife Ltd. (HLF): 3 Reasons To Pay Attention to Recent Insider Buying

Well, well, well… it looks as if boardroom buyers viewed the recent selloff as an opportunity to buy. read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Positive Session For The Indices
More Articles on: Construction



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.