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Mar 31, 2022
Taylor Morrison Q1 2022 Earnings Report
Taylor Morrison's financial performance significantly improved, marked by substantial growth in earnings and strategic advancements.
Key Takeaways
Taylor Morrison reported a strong first quarter in 2022, with net income increasing by 80% and diluted earnings per share rising by 92% compared to the previous year. The company saw improvements in home closings revenue, gross margins, and return on equity, driven by operational efficiencies and strategic execution.
Home closings revenue increased by 21% to $1.6 billion.
Home closings gross margin improved by 450 basis points to 23.1%.
SG&A as a percentage of home closings revenue improved by 120 basis points to 9.6%.
Backlog decreased by 7% to 9,400 sold homes with an average price of $659,000, up 24%.
Forward Guidance
Taylor Morrison provided guidance for the second quarter and full year of 2022, including expectations for active community count, home closings, gross margin, tax rate, and diluted share count. The company also anticipates significant spending on homebuilding land and development.
Positive Outlook
- Ending active community count is expected to be between 310 to 315 for Q2 2022.
- Home closings are expected to be between 3,000 to 3,200 for Q2 2022.
- GAAP home closings gross margin is expected to be approximately 24 percent for Q2 2022.
- Effective tax rate is expected to be approximately 24 percent for Q2 2022.
- Diluted share count is expected to be approximately 122 million for Q2 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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