M/I Homes (NYSE: MHO) reported Q1 EPS of $2.85, $1.34 better than the analyst estimate of $1.51. Revenue for the quarter came in at $828.8 million versus the consensus estimate of $758.77 million.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had an outstanding record-setting first quarter, highlighted by a 49% increase in new contracts, a 35% increase in homes delivered and a 167% increase in pre-tax income. All of our homebuilding operations had a very strong quarter and our financial service business produced record results. Our gross margins improved by 420 basis points over last year, and our overhead expense ratio improved by 120 basis points. As a result, our first quarter pre-tax income percentage improved to 13.3% from 7.2% last year, and we achieved a 25% return on equity."

Mr. Schottenstein continued, "We ended the quarter with a record backlog of $2.4 billion, 82% better than last year, record shareholders' equity of $1.4 billion, an increase of 30% from 2020's first quarter, book value of $46 per share, cash of $293 million, no borrowings on our $500 million credit facility and a homebuilding debt to capital ratio of 32%. We have tremendous momentum and are very well positioned to have another outstanding year."

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