M/I Homes, Inc. reported record results for the fourth quarter and full year ended December 31, 2024. For the full year, net income reached $563.7 million, or $19.71 per diluted share, a significant increase from $465.4 million, or $16.21 per diluted share, in 2023. Total revenue for 2024 was $4.5 billion, up 12% over 2023.
The company delivered a record 9,055 homes in 2024, marking a 12% increase from 8,112 deliveries in 2023. Fourth-quarter homes delivered also set an all-time quarterly record of 2,402 units, a 19% increase year-over-year. New contracts for the full year increased 8% to 8,584, with Q4 new contracts up 11% to 1,759.
M/I Homes ended 2024 in excellent financial condition, with record shareholders' equity of $2.9 billion and cash of $822 million. The company reported zero borrowings under its $650 million credit facility, a homebuilding debt to capital ratio of 19%, and a net debt to capital ratio of negative 5%. Gross margins for the year were 26.6%, and return on equity was 21%.
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