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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Networking systems firm Ciena Corp. reported on Thursday that profit for the fourth quarter increased from last year, driven by strong revenue growth despite supply chain challenges. Adjusted earnings per share met analysts' expectations and quarterly revenues topped them by a whisker. Louisville, Kentucky -based GE Appliances, owned by Chinese home appliances company Haier, is recalling to repair free-standing and slide-in electric and gas ranges due to tip-over risk, the U.S. Consumer Product Safety Commission announced. The recall involves about 132,000 units of electric and gas ranges sold in the United States. In addition, about 12,960 units were sold in Canada. While reporting financial results for the first quarter on Wednesday, United Natural Foods, Inc. (UNFI) affirmed its earnings, adjusted earnings and sales guidance for the full-year 2021. For fiscal 2022, the company continues to project earnings in the range of $3.60 to $3.90 per share and adjusted...
Follow RTT