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Mar 31, 2021
Taylor Morrison Q1 2021 Earnings Report
Taylor Morrison reported strong first quarter results, including 42% year-over-year growth to 4.3 net sales orders per community.
Key Takeaways
Taylor Morrison reported a net income of $98 million, or $0.75 per diluted share, compared to a net loss of $31 million, or $0.26 per diluted share in the first quarter of 2020. Net sales orders increased 30 percent, and monthly absorptions increased 42 percent to 4.3 net sales orders per community.
Net sales orders increased 30 percent to 4,492.
Monthly absorptions increased 42 percent to 4.3 net sales orders per community, a company record high.
Home closings gross margin increased 320 basis points to 18.6 percent.
Backlog increased 54 percent to 10,074 sold homes with a sales value of $5.3 billion, up 70 percent.
Taylor Morrison
Taylor Morrison
Forward Guidance
The company is raising its 2021 gross margin guidance to the low-19 percent range and reaffirming its closings expectation of 14,500 to 15,000 deliveries.
Positive Outlook
- Average active community count is expected to be approximately 330 for Q2 2021.
- Home closings are expected to be between 3,200 to 3,400 for Q2 2021.
- GAAP home closings gross margin is expected to be generally flat sequentially in the mid-18 percent range for Q2 2021.
- Effective tax rate is expected to be approximately 23.0 percent for Q2 2021.
- Diluted share count is expected to be approximately 130 million for Q2 2021.