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Dec 31, 2023
Taylor Morrison Q4 2023 Earnings Report
Taylor Morrison reported strong Q4 2023 results, driven by increased net sales orders and solid execution.
Key Takeaways
Taylor Morrison reported a net income of $173 million, or $1.58 per diluted share, and an adjusted net income of $223 million, or $2.05 per diluted share, for the fourth quarter of 2023. Net sales orders increased by 30%, and home closings revenue reached $1.9 billion. The company anticipates continued growth in 2024, with plans to deliver at least 12,000 home closings.
Net sales orders increased by 30% to 2,361, driven by a monthly absorption pace of 2.4 per community.
Home closings revenue totaled $1.9 billion, resulting from 3,190 home closings at an average price of $607,000.
Home closings gross margin increased 60 basis points year over year to 24.1%.
Taylor Morrison had 72,362 homebuilding lots owned and controlled, representing 6.3 years of total supply.
Forward Guidance
Taylor Morrison anticipates at least 12,000 home closings for full year 2024.
Positive Outlook
- Home closings are expected to be approximately 2,700 for Q1 2024.
- Average closing price is expected to be around $600,000 for Q1 2024.
- Home closings gross margin is expected to be between 23.0% to 23.5% for Q1 2024.
- Ending active community count is expected to be between 320 to 325 for Q1 2024.
- Land and development spend is expected to be between $2.3 billion to $2.5 billion for FY 2024.
Challenges Ahead
- Effective tax rate is expected to be approximately 25% for Q1 2024.
- Diluted share count is expected to be approximately 108 million for Q1 2024.
- Average closing price is expected to be around $600,000 for FY 2024.
- Home closings gross margin is expected to be between 23.0% to 23.5% for FY 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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