MHO - M/I Homes soars 5% as Q2 revenue rises 35% Y/Y

M/I Homes' ([[MHO]] +5.0%) Q2 total revenue increased 34.6% $961.04M Y/Y.The company said backlog units increased 49% to 5,488, while homes delivered increased 23% to 2,258.Q2 GAAP EPS increased 89.42% to 3.58 Y/Y.Homebuilding debt to capital of 31% compared to 37% at June 30, 2020.The company noted return on equity improved to 27%.CEO and President Robert Schottenstein commented: "Our gross margins were very strong, improving 320 basis points over last year to 25.1% and our overhead expense ratio improved by 110 basis points to 10.4%. As a result, our pre-tax income percentage improved to 14.7% from 10.0% in last year's second quarter."In addition, the company's board approved a $100M share repurchase authorization, replacing its existing $50M share buyback program.From August 14, 2018 through July 27, 2021, the company has bought back about 1.4M shares for about $32.8M. Source: Press Release

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M/I Homes soars 5% as Q2 revenue rises 35% Y/Y