RTTNews | Jul 29, 2020 08:45AM EDT

08:45 Wednesday, July 29, 2020 (RTTNews.com) - M/I Homes, Inc. (MHO), a builder of single-family homes, on Wednesday reported second-quarter net income of $54.51 million or $1.89 per share, up sharply from $30.25 million or $1.08 per share in the year-ago period.

Total revenue for the quarter grew 15 percent to $714.19 million from $623.69 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter on revenues of $597.88 million. Analysts' estimates typically exclude special items.

The company noted that homes delivered increased 19 percent to a second-quarter record of 1,835 homes, while new contracts increased 31 percent to all-time quarterly record of 2,261 contracts.

Backlog units increased 30 percent to 3,691, and backlog sales value reached $1.46 billion, both all-time quarterly records.

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