TMHC - Taylor Morrison Home Corporation (TMHC) Q4 2023 Earnings Call Transcript
2024-02-14 11:29:11 ET
Taylor Morrison Home Corporation (TMHC)
Q4 2023 Earnings Conference Call
February 14, 2024 08:30 AM ET
Company Participants
Mackenzie Aron - Vice President, Investor Relations
Sheryl Palmer - Chairman and Chief Executive Officer
Erik Heuser - Chief Corporate Operations Officer
Curt VanHyfte - Chief Financial Officer
Conference Call Participants
Truman Patterson - Wolfe Research
Carl Reichardt - BTIG
Elizabeth Langan - Barclays
Jay McCanless - Wedbush
Will Wong - JPMorgan
Kenneth Zener - Seaport Research Partners
Alan Ratner - Zelman & Associates
Alex Barron - Housing Research Center
Presentation
Operator
Ladies and gentlemen, hello and welcome to the Taylor Morrison Home Corp. 4Q 2023 Earnings Conference Call and Webcast. My name is Maxine and I'll be coordinating the call today. [Operator Instructions] I will now hand you over to Mackenzie Aron, Vice President of Investor Relations to begin. Mackenzie, please go ahead when you are ready.
Mackenzie Aron
Thank you and good morning, everyone. We appreciate you joining us today. Before we begin, let me remind you that this call including the question-and-answer session will include forward-looking statements. These statements are subject to the Safe Harbor statement for forward-looking information that you can review in our earnings release on the Investor Relations portion of our website at taylormorrison.com. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those factors identified in the release and in our filings with the SEC and we do not undertake any obligation to update our forward-looking statements. In addition, we will refer to certain non-GAAP financial measures on the call which are reconciled to GAAP figures in the release.
Now I will turn the call over to our Chairman and Chief Executive Officer, Sheryl Palmer.
Sheryl Palmer
Thank you, Mackenzie and good morning, everyone. Joining me is Curt VanHyfte, our Chief Financial Officer; and Erik Heuser, our Chief Corporate Operations Officer. I'm pleased to share the highlights of our team's strong performance in 2023, as well as an update on the market and our strategic priorities as we head into the New Year. After my remarks, Erik will review our healthy land portfolio, while Curt will review our better-than-expected fourth quarter financial results and guidance metrics.
Our team's strong fourth quarter execution wrapped up another tremendous year for Taylor Morrison. In total, we delivered 11,495 homes to generate $7.2 billion of homebuilding revenue at a healthy adjusted home closings gross margin of 24%, driving adjusted earnings of $7.54 per diluted share. Our earnings combined with $889 million of share repurchases over the last four years drove our book value per share to a new high of $49, which was up 15% from a year ago and 53% from two years ago.
While we face significant headwinds from rising interest rates, economic uncertainty and global unrest, our business displayed the resiliency we have strategically positioned it for following years of intentional growth, transformative M&A, integrations and a tireless commitment to streamlining and optimizing our operational abilities.
As I sit here today, I'm incredibly proud of the results we delivered in 2023, which exceeded our guidance and even more excited when I look ahead to 2024 and 2025, as we expect to continue demonstrating the earnings power of our balanced and disciplined operating platform....
Taylor Morrison Home Corporation (TMHC) Q4 2023 Earnings Call Transcript