M/I Homes, Inc. announced record financial results for the third quarter ended September 30, 2024. The company reported pre-tax income of $188.7 million, a 6% increase from $178.0 million in the third quarter of 2023. Net income also reached a record $145.4 million, or $5.10 per diluted share, compared to $139.0 million, or $4.82 per diluted share, in the prior year.
The company achieved record homes delivered, increasing 8% to 2,271 units in the third quarter of 2024 from 2,096 units in the same period last year. Total revenue for the quarter grew 9% to a record $1.1 billion. New contracts remained stable at 2,023 for the quarter, compared to 2,021 in the third quarter of 2023.
M/I Homes maintained a strong financial position, ending the quarter with record shareholders' equity of $2.8 billion, a 17% increase year-over-year. Cash reserves stood at $720 million, with a homebuilding debt to capital ratio of 20% and a net-debt-to-capital ratio of negative 1%. The company's gross margin was 27% and return on equity was 20%.
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