Q1 2026 M/I Homes Inc Earnings Call Transcript
Key Points
- M/I Homes Inc (MHO) reported a solid first-quarter with revenues of $921 million and a strong pretax income return of 10%.
- The company increased its first-quarter new contracts by 3% year-over-year, indicating strong sales momentum.
- M/I Homes Inc (MHO) ended the quarter with a record $3.2 billion in shareholders' equity and a book value per share of $125, up 11% from last year.
- The company's Smart Series, its most affordable line of homes, continues to be a significant contributor to sales performance.
- M/I Homes Inc (MHO) maintains a strong balance sheet with zero borrowings under its $900 million unsecured revolving credit facility and over $750 million in cash.
- First-quarter total revenue decreased by 6% to $921 million, and pretax income decreased by 39% to $89.2 million compared to the previous year.
- The company closed 1,914 homes, a 3% decrease compared to a year ago.
- Gross margins decreased by 390 basis points year-over-year due to higher home buyer incentives and higher lot costs.
- The average closing price for the first-quarter was $459,000, a 4% decrease compared to last year's first-quarter.
- Market conditions shifted at the end of February and into March due to geopolitical events, impacting mortgage rates and contributing to market uncertainty.
Good morning, ladies and gentlemen, and welcome to the M/I Homes first-quarter earnings conference call. (Operator Instructions)
This call is being recorded on Wednesday, April 22, 2026. I would now like to turn the conference over to Mr. Phil Creek. Please go ahead.
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Thank you for joining us today. On the call is Bob Schottenstein, our CEO and President; Derek Klutch, President of our mortgage company.
To address regulation for our disclosure, we encourage you to ask any questions regarding issues that you consider material during this call because we are prohibited from discussing significant non-public items with you directly.
And as to forward-looking statements, I want to remind everyone that the cautionary language about forward-looking statements contained in today's press release also applies to any comments made during this call. Also be advised that the company undertakes no obligation to
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