M/I Homes Earnings Call Transcripts
Fiscal Year 2026
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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.