2024-07-24 16:37:10 ET
Taylor Morrison Home Corporation (TMHC)
Q2 2024 Earnings Conference Call
July 24, 2024 08:30 AM ET
Company Participants
Mackenzie Aron - Vice President-Investor Relations
Sheryl Palmer - Chairman & Chief Executive Officer
Erik Heuser - Chief Corporate Operations Officer
Curt VanHyfte - Chief Financial Officer
Conference Call Participants
Michael Rehaut - JPMorgan
Mike Dahl - RBC Capital Markets
Matthew Bouley - Barclays
Carl Reichardt - BTIG
Alan Ratner - Zelman & Associates
Jay McCanless - Wedbush
Ken Zenner - Seaport Research Partners
Alex Barron - Housing Research Center
Presentation
Operator
Good morning and welcome to the Taylor Morrison's Second Quarter 2024 Earnings Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder this conference call is being recorded.
I would like now to introduce Mackenzie Aron, Vice President of Investor Relations.
Mackenzie Aron
Thank you and good morning. 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 & 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. Today, I will share our quarterly highlights, our view on the market and the strategic drivers that give us confidence in the business and our long-term target. Erik will provide an update on our land portfolio and investment strategy while Curt will detail our financial results and guidance metrics.
To begin, in the second quarter, we delivered 3,200 homes at an average price of $600,000 with an adjusted home closings gross margin of 23.9%. This produced adjusted earnings per diluted share of a $1.97 and 12% year-over-year growth in our book value per share to approximately $52.
Despite the impact of higher interest rates during the quarter, both our closings volume and gross margin exceeded our prior guidance. Following this strength, we now expect to deliver between 12,600 to 12,800 homes this year at a home closings gross margin around 24%, both of which are stronger than our prior guidance....
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Taylor Morrison Home Corporation (TMHC) Q2 2024 Earnings Call Transcript