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M/I Homes Q3 Profit Misses Estimates

M/I Homes, Inc. (MHO) said its third quarter performance included a number of records including a 24% increase in net income and continued strong returns. The company increased revenue by 7%. Backlog sales value increased 40% to $2.5 billion, an all-time record, the company noted. M/I Homes also announced that it is commencing operations in the Nashville market.

Third quarter net income increased to $91.0 million, or $3.03 per share from $73.5 million, or $2.51 per share, a year ago. The company said its third quarter of 2021 included a $9.1 million pre-tax loss on early extinguishment of debt, or $0.24 per share. Analysts polled by Thomson Reuters expected the company to report profit per share of $3.47, for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 7% to $904.3 million. Homes delivered decreased 4% to 2,045 from prior year. Analysts expected revenue of $1.03 billion, for the quarter.

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