RTTNews | Oct 28, 2020 08:54AM EDT

08:54 Wednesday, October 28, 2020 (RTTNews.com) - M/I Homes, Inc. (MHO), a builder of single-family homes, on Wednesday reported a surge in third-quarter net income to $73.54 million or $2.51 per share from $37.84 million or $1.32 per share in the year-ago period.

Total revenue for the quarter grew 30 percent to $847.92 million from $653.35 million in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter on revenues of $668.17 million. Analysts' estimates typically exclude special items.

M/I Homes noted that homes delivered in the latest quarter increased 29 percent to 2,137 from 1,651 in the year-ago period. New contracts surged 71 percent to 2,949 from 1,721 last year.

Backlog units increased 54 percent to 4,503, and backlog sales value reached $1.8 billion, both all-time quarterly records.

On October 27, 2020, Thomas Mason announced his decision to retire as Executive Vice President, Secretary, and Chief Legal Officer of M/I Homes, effective after the company has hired his replacement. The company expects such transition will occur in the first half of 2021.

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