M/I Homes stock soars toward biggest gain in over 7 years after upbeat results
Shares of M/I Homes Inc. shot up 13.0% toward an 8-month high midday trade Tuesday, enough to pace gains among its homebuilder peers, after the company reported upbeat fourth-quarter results. That puts the shares on track for the biggest one-day gain since December 2011. Net income doubled to $32.4 million, or $1.15 a share, from $15.9 million, or 53 cents a share, in the same period a year ago. Excluding one-time charges, adjusted earnings per share rose to $1.32 from 90 cents, compared with the average estimate of two analysts surveyed by FactSet of $1.17. Revenue rose 16% to $722.5 million, above expectations of $684.6 million, according to FactSet. Meanwhile, new contracts declined 4% to 1,173, which the company attributed to a "more challenging housing conditions and affordability pressures." Chief Executive Robert Schottenstein said housing conditions remain "choppy" heading into 2019. The stock has now climbed 16.8% over the past three months, while the SPDR S&P Homebuilders ETF has edged up 4.6% and the S&P 500 has eased 0.2%.
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