MHO (40.10) reports strong Q3 results, way ahead of estimates, although the backlog is flat y/y -
briefing -
Reports Q3 (Sep) earnings of $1.32 per share, $0.33 better than the two analyst estimate of $0.99; revenues rose 15.1% year/year to $653.35 mln vs the $604.31 mln two analyst estimate.
Homes in backlog increased 2% at September 30, 2019 to 2,915 units, with a sales value of $1.1 billion, and an average sale price of $390,000. At September 30, 2018, the sales value of homes in backlog was $1.1 billion, with an average sale price of $401,000 and backlog units of 2,846. M/I Homes had 221 active communities at September 30, 2019 compared to 212 at September 30, 2018. The Company's cancellation rate was 13% in the third quarter of 2019 and 16% in the third quarter of 2018.
