afternoon, Good Phil. quarter joining you thank review our you, Thank third our call results. for to and
quarter quarter third outstanding for M/I The an Homes. was
and are record-setting that and Clearly, pleased we and our markets. that our very a are rate That by interest many environment. strong been we housing our in stands we achieved said, a believe of We aided number as performance conditions results have are proud performance good fronts. on outperforming generally of very favorable
record XX% ago. X,XXX better homes, than the year During we sold a a quarter,
the for about was Our up community count average X% on quarter.
was than record Revenue improved absorption last for $XXX compared million, So the to a pace better sales year noticeably our year. XX% ago. a quarter monthly
quarter the a largely driven in deliveries. during we increase regard, revenue third increase delivered XX% quarter, over The year. X,XXX homes In last record by that was
Smart intentional quarter from decrease as a average sales during a year on was sales was closed of price in deliver and our homes. to the average more Our The affordably ago. price more $XXX,XXX, Series priced we homes continue X% decrease most
I will detail in a in minutes. that more discuss few
pleased XX.X%. our margins We expense continued to SG XX to XXX sequentially the quarter And are in also to continued profitability. improve improvement a year. basis our last points overall points improved second ratio basis and higher coming gross report over by in than
As a million the was again once million very for solid had million pretax quarter XX% for last and a quarter than year result income these to our of XX% last improved better margins, MI a business pretax increased record services year. $XX.X the income better with $XX.X net than $X.X financial financial income from quarter XX% of
continue Series. Smart rollout As very to priced This and pleased line noted affordably of be performance earlier, homes. is with we of most our the our
calls, XX% in accounted third we Smart our in in total of better mentioned pace and this sales. our continue company a total as or the In end quarter, previous when quarter, our being our communities. seek Series communities. were X% the Series the Smart sales And for year of communities. sold in of Series M/I better Smart to Contrast of XX% communities At we XX with homes offering of Series our were total just ago M/I both Smart most of margins
increasing to the At to up roughly year billion, sales was in homes, end were and X%, down to due average Smart Series price more X% Units was our of equal the largely the the $X.X backlog homes. of backlog backlog again, in X,XXX in value mix quarter, our ago. of that
debt-to-capital a ratio $XXX ended a shape, and very the record homebuilding Our quarter million. balance liquidity sheet remains good healthy at shareholders We is in our XX% and of with equity very strong.
the of book better value year share. the a quarter equates $XX than below XX% our And ago. share just is to This end per per at
I'll southern We year, XX% housing North our regional with region for which company markets a better the their and in deliveries nine and about than comprises quarter performance. little had the total. XXXX southern Beginning our and detail Florida, XX% region, Carolina. Texas, Now the provide markets more bit of located in last
New southern increased XX%. region contracts in the
where year well XX very the our which are is markets, ago. now four Charlotte, in almost During in open communities growing our significant a Sarasota, and had quarter, sales the experienced of we and relatively both operation solid closings in Texas making and increases in progress all we in Florida, have selling double We as new as
in sales unit volumes. increases markets. they to Sarasota. end in also Southern in of of while substantial as previous compared stated in the Orlando position the X% our a value region increased deliveries The dollar quarter all X the continue was year. and year higher has controlled-lot be last of X% Tampa This to backlog our at And than to ago, our contracts our and their led strongest grew calls,
communities of Southern XXX at the the in had year of quarter, the than ago. end better X% is We this a region September
we process our As of earnings down our the previous calls, are mentioned in operation. winding in D.C.
to out the of D.C. sold completed be end substantially by this of expect We year. and
is Our D.C. the today investment in market minimal.
X have lots unsold remaining. We
recorded way deliveries. in operation contribute And did that D.C., be and the X it specifically these quarter results, during new should XX we our in QX in meaningful noted contracts to not D.C. our any
Moving X and was quarter, total. deliveries up third the represents region, region to Michigan Indiana, the XXX from Northern next markets had XX% Ohio, Minnesota. of consists last and Illinois, This which company in which located Northern our year in XX% of
for region Northern last was year New X% of backlog our end XX% the in up while value. dollar contracts the from down in the sales were quarter
year active in Northern ago. Northern increase decreased region position an the with a the We was around X% Our to compared the which region, controlled-lot of in XX just ended X%. quarter communities
market. track our to be to strongest in Detroit in on pleased Columbus well achieve We Cincinnati of region. one closings Northern and year we're and financial in performance the new significant operation. and we've volumes and our also prior the from are a operations very markets a there had Minneapolis/St. experienced Indianapolis we markets in slowdown this which higher operations, has in is and the significant Overall, continues in solid well. one are performing Paul experienced has Chicago, very been best results, sales strong with achieving And our years. time, of long for our increases which very growth
that by achieved Before simply Phil, number and turning the saying will quarter over had strong I very call records. to of a conclude we
on Our company profitability. our we our about business our in are continue and shape, improving business is to intend excited focusing growing and excellent and
a strong We are very well positioned to have XXXX.
the turn over Phil. I'll to call that, With
