M/I Homes, Inc. (MHO) Q4 2024 Earnings Call January 29, 2025 10:30 AM ET

Company Participants

Phil Creek - Chief Financial Officer
Bob Schottenstein - President and Chief Executive Officer
Derek Klutch - President

Conference Call Participants

Alan Ratner - Zelman & Associates
Ken Zener - Seaport Research Partners
Buck Horne - Raymond James
Jay McCanless - Wedbush

Operator

Good morning, ladies and gentlemen and welcome to the M/I Homes Fourth Quarter and Year End Earnings Conference Call. [Operator Instructions] This call is being recorded on Wednesday, January 29 of 2025. I would now like to turn the conference over to Phil Creek. Please go ahead.

Phil Creek

Thank you for joining us. Joining me on the call today is Bob Schottenstein, our CEO and President; and Derek Klutch, President of our mortgage company.

First, 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, 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.

With that, I’ll turn the call over to Bob.

Bob Schottenstein

Thanks, Phil. Good morning, and thank you for joining us today. We had an outstanding year in 2024 highlighted by record homes delivered, record revenue, record income and very strong returns. We are particularly proud of our performance given the changing economic conditions and demand challenges we faced, particularly throughout the latter part of the year. As everyone knows, mortgage rates began rising during the third and fourth quarters. At that time, we implemented mortgage rate buy-downs to generate traffic and incent sales. Demand has