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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) announced it will release its fourth quarter 2021 results on February 8, 2022, before market opening. A conference call to discuss these results is scheduled for the same day at 8:30 a.m. ET. The call will be available via a live audio webcast on the company’s investor website, with a replay accessible afterward. Taylor Morrison is recognized as a leading national homebuilder and has received accolades for its commitment to customer trust and sustainability.
The press release from Taylor Morrison (NYSE: TMHC) highlights home design trends for 2022, focusing on the evolving needs of homeowners. Key trends include:
- Mixing styles: Combining traditional and contemporary designs.
- Color collection: Collaboration with Sherwin-Williams features a palette emphasizing nature.
- Comfort and functionality: Demand for larger entry areas, bulk storage, and dedicated workspaces due to the pandemic.
- Technological integration: Enhancements via partnerships with appliance manufacturers to improve home automation.
Offerpad and Taylor Morrison Home Corporation have expanded their partnership to provide a seamless experience for new construction homebuyers in 14 markets, allowing them to sell their current home while purchasing a new one. Homeowners can benefit from a competitive cash offer within an hour, flexible closing dates, and extended stay options. Since launching in Phoenix, over 70 customers have successfully sold their homes through Offerpad. This initiative aims to simplify moving for homeowners and enhance customer satisfaction.
Taylor Morrison Home Corporation (NYSE: TMHC) has announced a renewal of its stock repurchase program, allowing for the repurchase of up to $250 million of Common Stock through June 30, 2024. This program replaces the previous $250 million authorization set to expire on December 31, 2022. Stock repurchases may occur in open market and private transactions, subject to factors such as market conditions and liquidity. The company's focus remains on a variety of investment opportunities while enhancing shareholder value through this buyback initiative.
Taylor Morrison Home Corporation (NYSE: TMHC) continues its community-focused approach with its annual holiday program, Build Joy. For the fifth year, the program has contributed over $130,000 to support local causes through team member-generated philanthropic ideas. This year, 15 initiatives received funding, including a spa day for ICU nurses and educational support for high school students. The initiative underscores the company's commitment to philanthropy and community engagement, celebrating National Build Joy Day on Dec. 2.
Taylor Morrison Home Corporation (NYSE: TMHC) has partnered with Värde Partners to establish a $1 billion land banking facility and joint venture. This collaboration aims to accelerate the acquisition and development of residential land across various states, including Texas, Georgia, Arizona, and California, with future projects anticipated in the Carolinas and Florida. The partnership is positioned to leverage Värde's expertise in real estate investment and Taylor Morrison's reputation in homebuilding, enhancing Taylor Morrison's capacity to secure land and manage projects efficiently.
Taylor Morrison Home Corporation (TMHC) announced the appointment of Christopher Yip to its board of directors following the departure of former U.S. Senator Jeff Flake. Yip, a partner at RET Ventures, brings extensive expertise in real estate technology, which aligns with Taylor Morrison's commitment to digitizing the homebuying experience. His leadership is expected to enhance the company's innovation initiatives. With Yip's addition, a majority of the board will be diverse, reinforcing Taylor Morrison's dedication to board diversity.
Taylor Morrison Home Corporation (TMHC) has appointed Lou Steffens as its new Chief Financial Officer effective January 1, 2022. Steffens, previously the President of Mergers and Acquisitions, brings over 30 years of industry experience, having led significant acquisitions that have increased the company's operational scale. He succeeds Dave Cone, who is retiring after nine years in the role. Chairwoman and CEO Sheryl Palmer expressed confidence in Steffens' ability to drive the company forward, emphasizing operational excellence in their strategic journey.
Taylor Morrison Home Corporation (NYSE: TMHC) reported a strong third quarter for 2021, with net income rising to $168 million ($1.34 per diluted share) from $115 million ($0.87 per share) in Q3 2020. Home closings gross margin improved by 400 basis points to 21.2%. Backlog surged 32% to 10,273 homes valued at $6.1 billion. Despite industry challenges causing delays, management forecasts home closings at approximately 14,000 for 2021 and anticipates gross margins above 22% in 2022. The company emphasizes capital efficiency, returning $92 million to shareholders via share repurchases.
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