M/I Homes Earnings Call Transcripts
Fiscal Year 2026
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The meeting introduced new and retiring board members, addressed three key proposals, and saw unanimous approval for director elections, executive compensation, and the appointment of the accounting firm. Shareholders were invited to participate in a Q&A session.
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Q1 revenue and pre-tax income declined year-over-year, but new contracts rose 3% and book value per share hit a record. Margins were pressured by incentives and costs, yet the balance sheet remains strong with robust cash and low debt.
Fiscal Year 2025
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Delivered 8,921 homes and $4.4B revenue in 2025, with net income of $403M and 13.1% ROE. Margins declined due to incentives and lot costs, but Q4 contracts rose 9% year-over-year. Strong cash position, robust land supply, and focus on spec sales and mortgage buydowns support 2026 outlook.
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Pre-tax income fell 26% year-over-year to $140 million, with revenue down 1% and gross margin at 23.9%. Community count grew 7%, and mortgage operations set a record 93% capture rate. Balance sheet remains strong, with $734 million in cash and no borrowings.
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Record Q2 revenue and deliveries achieved despite higher rates and margin pressure; gross margin fell to 24.7% and EPS declined 14%, but strong balance sheet and land position support optimism for continued growth.
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The meeting, held virtually, included director elections, approval of executive compensation, and ratification of the accounting firm. All proposals passed, with a new director appointed and shareholders able to participate in Q&A.
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Solid Q1 results despite 10% drop in new contracts and 7% revenue decline, with gross margin at 25.9%. Ongoing rate buy-downs and choppy demand expected to pressure margins, but strong balance sheet and land position support a positive long-term outlook.
Fiscal Year 2024
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Record 2024 results with double-digit growth in deliveries, revenue, and income, despite choppy demand and rising rates. Gross margins compressed due to rate buy-downs, but strong balance sheet, land position, and buyer quality support positive long-term outlook.
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Record Q3 results with 9% revenue growth, 8% more homes delivered, and strong margins despite macro headwinds and hurricane disruptions. Balance sheet remains robust, with significant land holdings, low leverage, and continued share repurchases.
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Record Q2 results with revenue up 9% and EPS up 24% year-over-year, driven by strong closings, robust margins, and disciplined capital allocation. Outlook remains positive for 2024, with continued investment in land and community growth, despite some market caution.