COLUMBUS, Ohio - M/I Homes, Inc. (NYSE:MHO), a leading national homebuilder with a market capitalization of $3.2 billion, announced today that Friedrich K.M. Böhm will retire from its Board of Directors at the end of his current term. Böhm, who has been an independent director since 1994, has chosen not to stand for re-election at the upcoming 2025 Annual Meeting of Shareholders. According to InvestingPro data, the company maintains a strong financial position with management actively buying back shares, indicating confidence in the business’s future.
With over 30 years of service on the M/I Homes Board, Böhm has held significant roles including Lead Director and Chair of both the Audit Committee and the Compensation Committee. Chairman and CEO Robert H. Schottenstein praised Böhm’s contributions, stating, "His counsel, wisdom and keen business acumen have contributed greatly to the success and growth of our business."
The company’s Proxy Statement for the 2025 Annual Meeting of Shareholders will reveal the nominee to succeed Böhm on the Board. M/I Homes operates in several states, including Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee, and is recognized as one of the nation’s top builders of single-family homes.
The press release contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. These statements are based on current expectations and involve risks related to the economic environment, interest rates, resource availability, competition, and other factors as detailed in the company’s SEC filings. Despite recent market volatility, with the stock down 31% over the past six months, the company maintains a moderate debt level and strong profitability metrics, as detailed in the comprehensive Pro Research Report available on InvestingPro.
M/I Homes emphasizes that it has no obligation to update any forward-looking statements, although subsequent filings, releases, or presentations on related subjects should be reviewed for new information. This announcement is based on a press release statement from M/I Homes, Inc.
In other recent news, M/I Homes reported its fourth-quarter earnings for 2024, achieving a record revenue of $1.2 billion, marking a 24% increase from the previous year. Despite this growth, the company’s earnings per share (EPS) fell short of expectations at $4.71, compared to the forecasted $4.97. This earnings miss was accompanied by discussions on future margin compression anticipated in 2025, largely due to market conditions and strategic investments. M/I Homes also announced a significant share repurchase program, authorizing the buyback of up to $250 million in common shares, replacing a previous plan with $107 million remaining. The company continues to focus on expanding its community count and maintaining its sales pace, despite challenges in specific markets like Tampa. Analysts have noted the company’s strong financial condition, with firms like Zelman and Associates and Raymond James engaging in detailed discussions during the earnings call. The mortgage and title operations of M/I Homes also showed growth, with pre-tax income increasing significantly due to improved pricing margins and a higher average loan amount.
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