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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 Home Corporation (TMHC) reported its Q1 2023 results, with net income rising to $191 million, or $1.74 per diluted share, up from $177 million, or $1.44 a year prior. Home closings fell 8% to 2,541 units, generating $1.6 billion in revenue. While revenues decreased by 2.4%, home closings gross margin improved by 80 basis points to 23.9%. Net sales orders dipped 7% to 2,854, though the cancellation rate decreased to 14%. The company ended the quarter with about $2 billion in liquidity and a record low net debt-to-capital ratio of 21%. For Q2 2023, TMHC expects home closings between 2,600 to 2,700 units and a gross margin of 23.0% to 23.5%. Additionally, CFO Louis Steffens will step down effective May 1, transitioning to an EVP role.
Taylor Morrison (TMHC) is enhancing its Esplanade brand by launching the Esplanade Resort Experiences and forming a strategic partnership with Troon, a leader in hospitality management. This initiative aims to provide concierge-level services across Esplanade communities, starting in Florida and Charlotte. The focus is on delivering a superior resort-lifestyle experience with high-quality amenities and services. Since its inception in Florida a decade ago, Esplanade has expanded to nearly 30 communities nationwide. The new team, composed of hospitality experts, is dedicated to curating unique experiences for residents, aiming to elevate the lifestyle offerings significantly. This partnership is expected to bolster growth and resources for Esplanade, enhancing overall community amenities.
On April 6, 2023, Taylor Morrison (NYSE: TMHC) was recognized on the Wall Street Journal's 2022 Management Top 250 list, ranking No. 167 among homebuilders, an impressive climb of 88 spots from the previous year. This acclaim reflects the company's strength in customer satisfaction and employee engagement. As the company celebrates its 10-year anniversary as a public entity, CEO Sheryl Palmer emphasized their commitment to creating long-term value for homebuyers and shareholders. Taylor Morrison achieved over 12,600 closings in 2022, a significant increase from 4,700 at its IPO in 2013, and reached a 24% return on equity. The company is advancing its DEIB strategy and enhancing governance transparency while focusing on sustainability and community initiatives.
Taylor Morrison Home Corporation (NYSE: TMHC) has announced it will release its first quarter 2023 results before the market opens on April 26, 2023. A conference call will follow at 8:30 a.m. ET to discuss the results. Investors can access the live audio webcast on the company's website under the Investor Relations section. The company is recognized as a leading national developer and homebuilder, catering to various consumer segments. Taylor Morrison has been awarded as America's Most Trusted® Builder from 2016 to 2023. More information can be found on their official website.
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