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Jun 30, 2024
Taylor Morrison Q2 2024 Earnings Report
Taylor Morrison's Q2 2024 performance was marked by solid results, with closings volume and home closings gross margin exceeding expectations, reflecting the strength and stability of its diversified consumer and geographic strategy.
Key Takeaways
Taylor Morrison reported a net income of $199 million, or $1.86 per diluted share, for the second quarter of 2024. The company's performance was driven by a 3% increase in net sales orders and a home closings revenue of $1.9 billion. Looking ahead, Taylor Morrison expects to deliver between 12,600 to 12,800 homes this year with a home closings gross margin around 24%.
Net sales orders increased by 3% to 3,111, driven by a monthly absorption pace of 3.0 per community.
Home closings revenue reached $1.9 billion, with 3,200 home closings at an average price of $600,000.
Home closings gross margin was 23.8%, or 23.9% on an adjusted basis.
The company repurchased 1.7 million common shares for $105 million.
Taylor Morrison
Taylor Morrison
Taylor Morrison Revenue by Segment
Taylor Morrison Revenue by Geographic Location
Revenue by Segment
Home Closings Revenue, net Revenue
CapyFin.comLand Closings Revenue
CapyFin.comFinancial Services Revenue, net Revenue
CapyFin.comAmenity and Other Revenue
CapyFin.comRevenue by Geographic Location
East Revenue
CapyFin.comCentral Revenue
CapyFin.comWest Revenue
CapyFin.com Forward Guidance
Taylor Morrison provided the following business outlook for the third quarter and full year 2024:
Positive Outlook
- Home closings are expected to be approximately 3,200 in Q3 2024.
- Average closing price is expected to be around $600,000 in Q3 2024.
- Home closings gross margin is expected to be around 24% in Q3 2024.
- Home closings are now expected to be between 12,600 to 12,800 for full year 2024.
- Home closings gross margin is now expected to be around 24% for full year 2024.
Challenges Ahead
- Ending active community count is expected to be between 330 to 340 in Q3 2024.
- Effective tax rate is expected to be approximately 25% in Q3 2024.
- Diluted share count is expected to be approximately 106 million in Q3 2024.
- Ending active community count is expected to be between 330 to 340 for full year 2024.
- Effective tax rate is expected to be approximately 25% for full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income