M/I Homes (MHO) Misses Q2 EPS by 11c

M/I Homes (NYSE: MHO) reported Q2 EPS of $0.25, $0.11 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $234.56 million versus the consensus estimate of $257.69 million.

New contracts for 2013's second quarter were 1,078, up 31% from 2012's second quarter of 826. For the first six months of 2013, new contracts increased 34% from 1,590 in 2012 to 2,125 in 2013.

M/I Homes had 140 active communities at June 30, 2013 compared to 124 at June 30, 2012. The Company's cancellation rate was 14% in the second quarter of 2013 compared to 16% in 2012's second quarter.

Homes delivered in 2013's second quarter were 788 compared to 625 in 2012's second quarter - up 26%. Homes delivered for the six months ended June 30, 2013 increased 25% to 1,415 compared to 2012's deliveries of 1,132.

Backlog of homes at June 30, 2013 had a sales value of $491 million (a 53% increase over last year's second quarter), with an average sales price of $293,000 and backlog units of 1,675. At June 30, 2012 backlog sales value was $320 million, with an average sales price of $274,000 and backlog units of 1,168.

For earnings history and earnings-related data on M/I Homes (MHO) click here.

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