Mi Homes Inc (MHO)

MI Homes Inc. (MHO) stock dropped by 5.69% due to the company released its quarterly earnings report. Here are the key highlights:

• Earnings Miss: MI Homes reported quarterly earnings of $3.66 per share, falling short of the Zacks Consensus Estimate of $4.94 per share. This marks a decrease from earnings of $5.15 per share reported in the same period the previous year. These figures are adjusted for non-recurring items, resulting in an earnings surprise of -25.91%.
• Previous Quarter Surprise: In the prior quarter, the company was expected to post earnings of $4.27 per share, but it exceeded expectations by producing earnings of $4.82 per share, delivering a positive surprise of 12.88%. Over the last four quarters, MI Homes has surpassed consensus EPS estimates three times.
• Revenue Miss: MI Homes reported revenues of $972.59 million for the quarter ending in December 2023. This figure missed the Zacks Consensus Estimate by 17.99% and represents a decrease from year-ago revenues of $1.22 billion. The company has exceeded consensus revenue estimates two times in the past four quarters. The stock's immediate price movement and future earnings expectations will likely depend on management's commentary during the earnings call, which may provide insights into the company's performance and outlook.