M/I Homes, Inc. (MHO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning ladies and gentlemen and welcome to the MI Homes first quarter earnings conference call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is be recorded on Wednesday, April 22, 2026. I would now like to turn the conference over to Mr. Phil Crick. Please go ahead. Thank you for joining us today. On the call is Bob Schottenstein, our CEO and president, Derek Clutch, president of our mortgage company. To address regulation fair 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 update any forward-looking statements made during this call. I'll now turn the call over to Bob. Thanks, Bill. Good morning, everyone, and thank you for joining us today. We had a very solid first quarter. highlighted by revenues of $921 million, pre-tax income of $89 million, and a strong pre-tax income return of 10%. Clearly, during the quarter, new home demand and home building conditions continue to be challenging and impacted by affordability, uneven consumer confidence, the conflict in the Middle East, and general uncertainty and volatility in the broader economy. Despite this, we were very pleased to increase our first quarter new contracts by 3%, generate gross margins...