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Jun 30, 2023
Taylor Morrison Q2 2023 Earnings Report
Reported strong results, exceeding expectations across key metrics, driven by scale, streamlined operations, and improved market conditions.
Key Takeaways
Taylor Morrison reported a net income of $235 million, or $2.12 per diluted share, for the second quarter of 2023. The company's performance was driven by increased closings and net sales orders, along with a focus on operational efficiencies and balance sheet management.
Closings increased 3% to 3,125 homes with revenue reaching $2.0 billion.
Net sales orders rose 18% to 3,023, fueled by a monthly absorption pace of 3.1 per community.
Total liquidity hit an all-time high of $2.3 billion.
Homebuilding debt-to-capitalization decreased to 29.7% gross and 15.4% net of unrestricted cash.
Forward Guidance
Taylor Morrison expects home closings to be approximately 2,600 and the average closing price to be around $615,000 for the third quarter of 2023. For the full year 2023, the company anticipates approximately 11,000 home closings and an average closing price of around $625,000.
Positive Outlook
- Home closings are expected to be approximately 2,600 in Q3 2023.
- Average closing price is expected to be around $615,000 in Q3 2023.
- GAAP home closings gross margin is expected to be approximately 23.0% in Q3 2023.
- Home closings are now expected to be approximately 11,000 in 2023.
- Average closing price is expected to be around $625,000 in 2023.
Challenges Ahead
- GAAP home closings gross margin is now expected to be approximately 23.5% in 2023.
- SG&A as a percentage of home closings revenue is expected to be in the high-9% range in 2023.
- Ending active community count is expected to be between 320 to 325 in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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