M/I Homes (NYSE: MHO) reported Q1 EPS of $0.63, $0.01 better than the analyst estimate of $0.62. Revenue for the quarter came in at $481 million versus the consensus estimate of $475.56 million.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had solid first quarter results considering the choppy market conditions experienced during the latter part of 2018 and leading into 2019. Though our first quarter new contracts declined by 5%, they represented the second highest quarterly sales in Company history. In addition, we were very pleased with our 6% increase in homes delivered to a first quarter record 1,186 homes; and our revenue increased by 10% to a first quarter record $481 million. We also continue to make progress in managing our overhead expense ratio which declined 30 basis points when compared to 2018's first quarter."

Mr. Schottenstein continued, "With a lower share count, our diluted earnings per share improved 5% from 2018's first quarter. We ended the quarter with shareholders' equity of $871 million and a homebuilding debt to capital ratio of 47%. Looking ahead, with our sales backlog of $1.1 billion, and planned new community openings, we are positioned to have a solid 2019."

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