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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 strong third-quarter results for 2022, with net income reaching $310 million, or $2.72 per diluted share, reflecting an 84% and 103% increase year-over-year. Home closings revenue rose by 12% to $2.0 billion, and gross margins improved by 630 basis points to 27.5%. Despite challenges such as Hurricane Ian's impact on operations, TMHC maintained a robust capital position, with $1.4 billion in liquidity. The company repurchased 4.2 million shares for $105 million, emphasizing its commitment to shareholder value amidst market uncertainties.
Taylor Morrison Home Corporation (NYSE: TMHC) will release its third quarter 2022 earnings results on October 26, 2022, prior to the market opening. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results. The call will be available via a live audio webcast on the company's Investor Relations website. Interested participants can join the call by dialing (844) 200-6205 with conference ID 205344. Taylor Morrison is recognized as a leading national developer and homebuilder, serving a diverse range of consumers.
Taylor Morrison Home Corporation (NYSE: TMHC) has announced an increase in its revolving credit facility from $800 million to $1.0 billion, enhancing its liquidity and financial flexibility. The company reported that there are currently no borrowings outstanding under this facility, which allows for a disciplined capital allocation approach. This adjustment reaffirms Taylor Morrison's strong capital position in the homebuilding market, supporting its operations across various consumer segments.
Taylor Morrison Home Corporation (TMHC) reported strong Q2 2022 results with net income of $291 million ($2.45/share), up from $124 million ($0.95/share) in Q2 2021. Adjusted net income was $271 million, a 118% increase. Home closings revenue rose 15% to $1.9 billion, while gross margin improved 750 basis points to a record 26.6%. Despite challenges from rising mortgage rates and economic uncertainty, the company maintained a healthy balance sheet with over $1 billion in liquidity and repurchased 6.8 million shares for $172 million. Full-year home closings are expected at 13,500.
Barnes & Noble Education (NYSE: BNED) announced the appointment of three new independent directors: Mario Dell’Aera, Jr., Kathryn Eberle Walker, and Denise Warren. Additionally, Rory Wallace joins as part of a renewed cooperation with Outerbridge Capital Management. This decision reflects the company's commitment to enhancing board diversity and expertise, aimed at driving profitable growth and delivering value to shareholders. Former directors Lowell Robinson and Zachary Levenick have stepped down. The company plans to present the board's recommendations in the upcoming proxy statement.
Taylor Morrison Home Corporation (NYSE: TMHC) will announce its Q2 2022 earnings on July 27, 2022, before the market opens. A conference call is scheduled for 8:30 a.m. ET the same day to discuss the results. Investors can access the live audio webcast on Taylor Morrison’s website. The company, recognized as America’s Most Trusted® Builder from 2016-2022, continues to serve a diverse range of homebuyers through its various brands across the country.
Taylor Morrison Home Corporation (NYSE: TMHC) announced early results for its tender offer, concluding on June 27, 2022, for 6.625% senior notes due 2027. As of the Early Tender Deadline, $264.1 million of the $290.4 million outstanding notes were validly tendered, representing 90.95% of the total. The company is also seeking consents for amendments to its indenture, which includes shortening the notice period for optional redemption. The Tender Offer and Consent Solicitation will expire on July 12, 2022. Early settlement is expected on June 29, 2022.
Taylor Morrison Home Corporation (TMHC) and Värde Partners have rapidly expanded their Build-to-Rent joint venture, closing nine assets across Texas, Florida, North Carolina, and Arizona in just weeks. The venture includes $850 million in equity commitments, with funding split 60% from Värde and 40% from Taylor Morrison. This initiative is expected to enhance Taylor Morrison's Build-to-Rent program, which aims to meet the growing demand for quality rental housing in suburban areas. The firms previously established a land banking facility agreement, acquiring 6,800 lots across 11 markets.
Taylor Morrison Home Corporation (NYSE: TMHC) has initiated a cash tender offer to purchase all outstanding 6.625% senior notes due 2027, totaling $290.4 million. The offer includes a consent solicitation for amendments to the indenture, aiming to alter the notice period for optional redemption from 15 days to a minimum of 3 business days and to eliminate certain covenants. The expiration date for the tender offer is July 12, 2022, with early tender benefits available until June 27, 2022. Accrued interest will be paid on notes accepted for purchase.
Taylor Morrison Home Company (NYSE: TMHC) has acquired a +/- 15-acre parcel in Anna, Texas, in collaboration with Christopher Todd Communities. The site, positioned at a key intersection near national retailers, will feature innovative single-story rental homes and amenities such as a resort-style pool, outdoor event space, and a dog park. The approval of this project involved cooperative efforts with local stakeholders, enhancing housing options in the area.
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