TMHC - Taylor Morrison Home Corporation GAAP EPS of $1.74 beats by $0.42 revenue of $1.66B beats by $90M

2023-04-26 06:17:05 ET

• Taylor Morrison Home Corporation press release ( NYSE: TMHC ): Q1 GAAP EPS of $1.74 beats by $0.42 .
• Revenue of $1.66B (-2.4% Y/Y) beats by $90M .
• Home closings declined eight percent to 2,541 homes, which generated revenue of $1.6 billion.
• Net sales orders declined seven percent to 2,854, which represented a monthly absorption pace of 2.9 per community versus 3.1 a year ago.
• Homebuilding lots decreased five percent to approximately 73,000 homesites, or 5.9 years of supply, of which 3.4 years was owned.
• Controlled lots as a percentage of total lot supply increased approximately 300 basis points to 42 percent.
• Book value per share increased 32 percent to $44.04.

• Second Quarter 2023

  • Home closings are expected to be between 2,600 to 2,700
  • Average closing price is expected to be between $630,000 to $635,000
  • GAAP home closings gross margin is expected to be between 23.0 to 23.5 percent
  • Ending active community count is expected to be between 320 to 325
  • Effective tax rate is expected to be approximately 25 percent
  • Diluted share count is expected to be approximately 110 million

  Full Year 2023

  • Home closings are expected to be between 10,000 to 11,000
  • Average closing price is expected to be around $625,000
  • GAAP home closings gross margin is expected to be approximately 23.0 percent
  • SG&A as a percentage of home closings revenue is expected to be in the high-nine percent range
  • Ending active community count is expected to be between 320 to 325
  • Effective tax rate is expected to be approximately 25 percent
  • Diluted share count is expected to be approximately 110 million
  • Homebuilding land and development spend is expected to be around $1.6 billion

For further details see: