M/I Homes (NYSE: MHO), a leading homebuilder, saw its stock plummet by 5.07% in intraday trading on Wednesday, January 29th, despite reporting solid fourth-quarter and record annual results for 2024.

In the fourth quarter of 2024, M/I Homes reported earnings per share of $4.71, slightly missing the analyst consensus estimate of $4.83. However, the company's revenue for the quarter came in at $1.21 billion, surpassing the expected $1.17 billion.

For the full year 2024, M/I Homes achieved record revenue of $4.5 billion, up 12% from the previous year, and record net income of $563.7 million, reflecting a 21% increase year-over-year. The company's pre-tax income also rose 21% to $734 million, representing 16% of its revenue.

Despite these impressive financial results, M/I Homes' stock experienced a 5.07% plummet during intraday trading on Wednesday, potentially due to investors' concerns or profit-taking after the recent rally. However, the company's management remained optimistic about the industry's strong fundamentals, driven by favorable demographic trends and an undersupply of housing.