MHO - M/I Homes positive post Q4 results

M/I Homes ([[MHO]] +1.4%) reported Q4 revenue growth of 22% Y/Y to $906.22M; and net income increase of 92% Y/Y to $80.1M.New contracts increased by 27% Y/Y to 2,128; and Homes delivered increased 17% Y/Y to 2,242.Backlog units increased 64% to 4,389, in the quarter; and Backlog sales value reached $1.8B.Average home closing price of $389K vs. $377K in 4Q19.Cancellation rate was 10% vs. 13% in 4Q19.Q4 Gross margin expanded by 380 bps to 23%; and operating margin expanded by 383 bps to 11.4%.Adj. EBITDA was $126.62M (+69.5% Y/Y); and margin improved by 390 bps to 13.9%.Cash used in operating activities for the $28.89M, compared to $64.65M provided a year ago.Previously (Feb. 2): M/I Homes EPS beats by $0.53, misses on revenue.

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M/I Homes positive post Q4 results