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M/I Homes, Inc. (MHO) has reported 54.89 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $20.56 million, or $0.67 a share in the quarter, compared with $13.28 million, or $0.43 a share for the same period last year. On an adjusted basis, earnings per share were at $0.67 for the quarter compared with $0.59 in the same period last year.
Revenue during the quarter grew 11.58 percent to $523.25 million from $468.92 million in the previous year period.
Cost of revenue rose 11.91 percent or $44.55 million during the quarter to $418.66 million. Gross margin for the quarter contracted 23 basis points over the previous year period to 19.99 percent.
Total expenses were $485.36 million for the quarter, up 12.14 percent or $52.53 million from year-ago period. Operating margin for the quarter contracted 46 basis points over the previous year period to 7.24 percent.
Operating income for the quarter was $37.89 million, compared with $36.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $52 million compared with $43.60 million in the prior year period. At the same time, adjusted EBITDA margin improved 64 basis points in the quarter to 9.94 percent from 9.30 percent in the last year period.
Robert H. Schottenstein, chief executive officer and president, commented, "We are very pleased to report strong results for 2016, our 40th year in business. The year was highlighted by record new contracts, record homes delivered, record performance by our mortgage and title business, and a 21% increase in net income, excluding the charges for stucco repair and debt extinguishment. Revenue increased 19% to a record $1.7 billion and we continued to improve our operating leverage with a 30 basis point reduction in our overhead expense ratio."
Real estate inventory rose 9.34 percent or $103.89 million to $1,215.93 million on Dec. 31, 2016. Accounts payable increased 18.80 percent or $16.33 million to $103.21 million on Dec. 31, 2016.
Total assets grew 9.39 percent or $132.96 million to $1,548.51 million on Dec. 31, 2016. On the other hand, total liabilities were at $894.34 million as on Dec. 31, 2016, up 9.20 percent or $75.35 million from year-ago.
Return on assets moved up 28 basis points to 1.61 percent in the quarter. At the same time, return on equity moved up 94 basis points to 2.96 percent in the quarter.
Debt moves up marginally
Total debt was at $637.80 million as on Dec. 31, 2016, up 4.24 percent or $25.96 million from year-ago. Shareholders equity stood at $654.17 million as on Dec. 31, 2016, up 9.66 percent or $57.61 million from year-ago. As a result, debt to equity ratio went down 5 basis points to 0.97 percent in the quarter.
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