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Sep 30, 2023
Taylor Morrison Q3 2023 Earnings Report
Taylor Morrison reported strong results driven by strategic capital allocation and diversified consumer strategy.
Key Takeaways
Taylor Morrison reported a net income of $171 million, or $1.54 per diluted share, for Q3 2023. The company's performance was driven by over 2,600 home deliveries and an adjusted home closings gross margin of 23.9%. The company also increased land investment, retired debt, and repurchased shares, ending the quarter with $1.6 billion in liquidity.
Home closings revenue reached $1.6 billion with 2,639 home closings at an average price of $611,000.
Adjusted home closings gross margin was 23.9%, excluding an inventory impairment.
Net sales orders increased by 25% to 2,592, with a monthly absorption pace of 2.7 per community.
The mortgage capture rate reached an all-time high of 88%.
Forward Guidance
Taylor Morrison provided guidance for Q4 2023 and full year 2023.
Positive Outlook
- Home closings are expected to be approximately 2,950 in Q4 2023.
- Average closing price is expected to be around $615,000 in Q4 2023.
- Home closings gross margin is expected to be approximately 23.0% in Q4 2023.
- Ending active community count is expected to be between 320 to 325.
- Adjusted home closings gross margin excluding inventory impairments is now expected to be around 23.7% for full year 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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