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Taylor Morrison Home Corporation (NYSE: TMHC) is a premier national homebuilder and land developer, headquartered in Scottsdale, Arizona. Recognized as America’s Most Trusted™ Home Builder from 2016 to 2024 by Lifestory Research, Taylor Morrison builds and sells a diverse range of single-family and multi-family homes across various price points, catering to different consumer demographics including first-time buyers, move-up buyers, luxury homebuyers, and the 55-plus segment.
Operating under the well-regarded brands of Taylor Morrison and Darling Homes, the company is dedicated to creating homes and communities that elevate the quality of life for residents. In Texas, Darling Homes is known for its focus on individuality and custom details, maintaining the high standards set by Taylor Morrison. The company's homes range in price from the low $100,000s to over $1,000,000, designed to meet the needs and preferences of a broad consumer base.
Recent achievements include strong financial performance, with reported net income for the third quarter of 2023 at $171 million, or $1.54 per diluted share. The company closed over 2,600 homes with an adjusted home closings gross margin of 23.9%. Additionally, Taylor Morrison has been actively investing in land, retiring debt, and repurchasing shares, ending the quarter with a substantial liquidity position of $1.6 billion.
The company’s diverse business model includes four reportable segments: East, Central, West, and Financial Services, with the majority of its revenue coming from the East Segment. Taylor Morrison's strategic approach includes a balanced product portfolio and a focus on high-quality community locations. Recent expansions, such as the acquisition of 1,500 lots in Indianapolis, Indiana, emphasize the company's commitment to growth and geographic diversification.
In addition to homebuilding, Taylor Morrison is recognized for its robust commitment to sustainability and community engagement, as detailed in its annual Environmental, Social, and Governance (ESG) Report. The company’s focus on operational efficiency, strategic land investments, and financial strength positions it well for continued success in a competitive market.
Taylor Morrison (NYSE: TMHC) surveyed design experts to predict home design trends for 2021, reflecting the evolving relationship between homeowners and their spaces. Key anticipated trends include cozy coastal aesthetics for vacation-like vibes, health-focused features via their TM LiveWell brand, and the introduction of Urbane Bronze as the Color of the Year. Other highlights are the embracing of neutral warmth, organized spaces, and mixed metallics. The company aims to enhance living experiences, making homes a sanctuary for well-being amidst ongoing global challenges.
Taylor Morrison Home Corporation (NYSE: TMHC) reported robust third quarter 2020 results with a net income of $115 million, up 38% year-over-year, translating to $0.87 per diluted share. Adjusted net income rose 53% to $133 million or $1.01 per share. Revenue surged 54% to $1.70 billion. Monthly absorptions hit a historic high of 3.8 net sales per community, while net sales orders increased by 74% to 4,425. The company also improved its balance sheet, reducing net debt by $497 million, and anticipates a net debt-to-capital ratio in the high-30% range by the end of 2021.
Taylor Morrison announces the launch of its Esplanade brand's first two communities on the West Coast, located in California: Esplanade at Sommers Bend in Temecula and Esplanade at Turkey Creek in Lincoln. The new developments will introduce upscale amenities and a resort-style living experience to active lifestyle residents. Esplanade at Turkey Creek will feature 850 homes with a 5.5-acre amenity site, including a 20,000 sq. ft. Lodge and various recreational facilities. Sales will commence in early 2021, catering to the growing demand for luxurious, community-oriented living.
The Building Talent Foundation (BTF) launched to enhance education and career opportunities in construction for underrepresented groups, aiming to fill the labor shortage in the sector. Founded by the Leading Builders of America, BTF's mission is to recruit 100,000 individuals by 2030. This initiative responds to the industry's recovery with over 260,000 open positions and aims to address workforce challenges through collaboration with educators, employers, and community organizations. BTF's strategy focuses on building a talent pipeline, connections, and engagement, promoting fair treatment and diversity within the industry.
Taylor Morrison Home Corporation, the fifth largest homebuilder in the U.S., will announce its third quarter 2020 financial results before market open on October 28, 2020. A conference call to discuss these results is scheduled for the same day at 8:30 a.m. ET. Investors can access a live audio webcast and an archived version on the company's website. The company, recognized as America's Most Trusted® Home Builder from 2016-2020, operates under brands like Taylor Morrison and Darling Homes, catering to a broad range of buyers across the country.
Taylor Morrison Home Corporation (TMHC) reported a significant increase in net sales orders for August 2020, up 74% year-over-year. The company also achieved an average sales pace growth of over 50% per community during the same month. In a bid to strengthen its financial position, TMHC announced a cash paydown of approximately $187 million in senior notes, contributing to a total debt reduction of around $335 million since its acquisition of William Lyon Homes in February 2020. This reflects strong housing demand despite ongoing economic challenges.
Taylor Morrison (NYSE:TMHC) has announced TM LiveWell, a new standard offering for all new homes starting August 1, 2020. This initiative aims to enhance home health and wellness, responding to increased consumer demand for safer living environments amid COVID-19. The program includes features like a Whole-House Air Filtration System and antibacterial bath fans at no additional cost. A survey revealed that over one-third of home shoppers prefer new homes for health benefits, with significant interest from younger generations.
Taylor Morrison Home Corporation (TMHC) reported strong second quarter 2020 results with adjusted diluted EPS of $0.80 and GAAP diluted EPS of $0.50. Key highlights include a 23% year-over-year increase in net sales orders to 3,453 and total revenue of $1.53 billion, up 20.6%. Home closings rose 24% to 3,212. The company successfully refinanced debt with a $500 million bond offering, saving $10 million annually in interest. The backlog grew 35% year-over-year, valued at approximately $3.2 billion. Despite a decline in gross margin percentages, the company remains optimistic about future growth.
Taylor Morrison Home Corporation will release its second quarter 2020 results on July 30, 2020, before the market opens. A conference call to discuss these results will take place at 8:30 a.m. ET on the same day. Interested participants can join the call using the provided dial-in numbers or via a live audio webcast accessible on Taylor Morrison's investor relations website. The company is recognized as a leading homebuilder in the U.S., known for its commitment to sustainability and community-focused initiatives.
Taylor Morrison Home Corporation (NYSE: TMHC) has announced a pricing increase for its senior notes offering, raising the aggregate principal amount from $400 million to $500 million. The Senior Notes, set to mature in 2030 and bearing an interest rate of 5.125% annually, will have semi-annual payments starting February 1, 2021. The offering closes on July 22, 2020, and proceeds will be used to redeem $266.9 million of its 6.00% Senior Notes due 2023 and $333.1 million of its 5.875% Senior Notes due 2025.
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