M/I Homes, Inc. (MHO) announced a decline in its net income for the fourth quarter to $105.3 million or $3.66 per share, a significant drop from the $130.4 million or $4.65 per share reported in the same period last year.
The company's revenue for the fourth quarter stood at $972.6 million, showing a 20% decrease from the previous year. The number of homes delivered in the fourth quarter was 2,019, marking a 15% decrease from 2,384 deliveries recorded in the prior year. However, new contracts witnessed a substantial increase of 61% to reach 1,588, up from 985.
Robert Schottenstein, the CEO and President of the company, remarked, "Our financial health remains excellent. The fiscal year ended with a record shareholder's equity of $2.5 billion, cash of $733 million, no borrowings under our $650 million credit facility, and a homebuilding debt-to-capital ratio of 22%. Furthermore, our year-end book value reached a record $91 per share."
However, M/I Homes' shares have seen a 6% dip in the pre-market trading on Wednesday.
