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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 (NYSE: TMHC) reported strong fourth quarter results for 2022, with a net income of $275 million or $2.51 per diluted share, and adjusted net income at $321 million or $2.93 per diluted share.
The company experienced an 11% decline in home closings to 3,797 homes, generating $2.4 billion in revenue. Despite lower sales, gross margin improved by 190 basis points to 23.5%. SG&A as a percentage of revenue fell to 7.3%, a record low.
For full-year 2022, total revenue was $8.2 billion, up 9.6% year-over-year, with a 33% increase in book value per share to $42.38.
Taylor Morrison (NYSE: TMHC) is enhancing its employee benefits to include up to $20,000 in fertility treatments, covering IVF, surrogacy, and other reproductive assistance. This initiative aims to support various family-building methods, addressing the emotional and financial burdens of infertility. With approximately 45% of workers considering fertility benefits essential, Taylor Morrison responds to this demand while recognizing that many employers still lack such offerings. CEO Sheryl Palmer emphasizes the company's commitment to supporting team members through these challenging journeys.
Taylor Morrison Home Corporation (NYSE: TMHC) announced its fourth quarter 2022 earnings release set for February 15, 2023, prior to market opening. A conference call will follow at 8:30 a.m. ET the same day to discuss the results. Interested parties can access a live audio webcast on the company’s website, and a replay will be available afterward. Taylor Morrison, renowned for its diverse homebuilding brands, has earned the title of America's Most Trusted® Builder from Lifestory Research from 2016 to 2023, emphasizing its commitment to sustainability and community engagement.
Taylor Morrison Home Corporation (NYSE: TMHC) has launched its sixth annual charitable program, Build Joy, empowering team members to support local causes with $1,000 each. Since 2017, the initiative has contributed over $140,000 to approximately 80 philanthropic projects. This year, team members are addressing various community needs, including mental health awareness and support for domestic abuse victims. Examples include rebuilding facilities for disabled children and assisting crisis pregnant women. The company's commitment to local impact showcases its community focus and leadership in philanthropy.
Taylor Morrison (NYSE: TMHC) shares nine home design trends for 2023, emphasizing wellness and functionality. Highlights include outdoor living spaces to strengthen community ties, innovative 'Tech Spaces' for remote work comfort, and a new color palette featuring Sherwin-Williams' Redend Point. The company focuses on blending traditional and modern designs, promoting organization in homes, and sustainable indoor-outdoor connections. Taylor Morrison's commitment to improve consumer well-being is evident in these trends, appealing to evolving homeowner preferences.
Taylor Morrison (NYSE: TMHC) announced its commitment to build and donate six fully furnished homes to the Banner Health Foundation, supporting the Home Away from Home program for cancer patients. Located in Gilbert, Arizona, these homes will provide lodging for patients traveling long distances for treatment at the Banner MD Anderson Cancer Center. Construction will begin in summer 2023, with completion expected by summer 2024. The initiative aims to alleviate the financial burdens of long-term accommodation for patients and their families during treatment.
Taylor Morrison announces the launch of its new build-to-rent brand, Yardly, aimed at providing a unique housing alternative to traditional apartments. The brand focuses on cottage-style homes with private backyards, catering to a diverse range of renters. As the market shifts due to rising mortgage rates and affordability challenges, Taylor Morrison aims to serve both renters and potential first-time buyers. Currently, the company is developing around 15 projects in key markets like Phoenix and Dallas, reinforcing its commitment to the build-to-rent model.
Taylor Morrison (NYSE: TMHC) has launched an enhanced online home reservation system, enabling customers to design and reserve homes digitally. This innovative platform allows users to customize floor plans, exteriors, and interior finishes, providing a transparent pricing model. With a 40% conversion rate for reservations, it accounts for 13% of the company's sales. The system aims to simplify the homebuying process amid rising mortgage rates and housing challenges. Initially debuting in Florida, the technology will be rolled out nationwide.
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