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Mar 31, 2024
Taylor Morrison Q1 2024 Earnings Report
Taylor Morrison demonstrated strong performance in Q1 2024, marked by increased sales orders and home closings, alongside a healthy gross margin.
Key Takeaways
Taylor Morrison reported a solid start to 2024, with net income of $190 million and earnings per diluted share of $1.75. The company saw a 29% increase in net sales orders and a home closings revenue of $1.6 billion. The company is raising full-year guidance and now expects to deliver approximately 12,500 homes at a home closings gross margin between 23.5% to 24.0% and an average closing price between $600,000 to $610,000.
Net sales orders increased by 29% to 3,686, driven by a monthly absorption pace of 3.7 per community.
Home closings revenue reached $1.6 billion with 2,731 home closings.
Home closings gross margin was 24.0%.
The company repurchased 1.5 million common shares for $92 million.
Taylor Morrison
Taylor Morrison
Taylor Morrison Revenue by Geographic Location
Revenue by Geographic Location
East Revenue
CapyFin.comCentral Revenue
CapyFin.comWest Revenue
CapyFin.com Forward Guidance
Taylor Morrison is raising its full-year guidance and now expects to deliver approximately 12,500 homes at a home closings gross margin between 23.5% to 24.0% and an average closing price between $600,000 to $610,000.
Positive Outlook
- Home closings are expected to be approximately 3,000 in Q2 2024.
- Average closing price is expected to be around $605,000 in Q2 2024.
- Home closings gross margin is expected to be at least 23.5% in Q2 2024.
- Ending active community count is expected to be between 330 to 340 in Q2 2024.
- Share repurchases are expected to total approximately $300 million for full year 2024.
Challenges Ahead
- Effective tax rate is expected to be approximately 25%.
- Diluted share count is expected to be approximately 108 million.
- SG&A as a percentage of home closings revenue is expected to be in the high-9% range.
- Land and development spend is expected to be between $2.3 billion to $2.5 billion.
- No specific negatives reported.
Revenue & Expenses
Visualization of income flow from segment revenue to net income