Taylor Morrison Home (TMHC) came out with quarterly earnings of $2.18 per share, beating the Zacks Consensus Estimate of $1.85 per share. This compares to earnings of $1.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 17.84%. A quarter ago, it was expected that this home builder would post earnings of $2.40 per share when it actually produced earnings of $2.64, delivering a surprise of 10%. There are no easy answers to thi ...

Financial Performance - First quarter 2025 net income was $213 million, or $2.07 per diluted share, with adjusted net income at $225 million, or $2.18 per diluted share[3]. - Total revenue for Q1 2025 was $1,896,019,000, up from $1,699,752,000 in Q1 2024, reflecting a growth of 11.6%[23]. - Net income for Q1 2025 rose to $213,466,000, compared to $190,270,000 in Q1 2024, marking an increase of 12.2%[23]. - Adjusted net income for Q1 2025 was $224,881,000, up from $190,270,000 in Q1 2024, indicating a significant increase[37]. - Adjusted EBITDA rose to $336,200,000 in Q1 2025, compared to $281,083,000 in Q1 2024, marking a significant increase of 19.6%[43]. - The company reported a gross margin of $463,274,000 in Q1 2025, up from $416,845,000 in Q1 2024[23]. - EBITDA as a percentage of total revenue improved to 16.5% in Q1 2025 from 16.2% in Q1 2024[43]. Home Closings and Sales - Home closings revenue reached $1.8 billion, up 12% year over year, driven by 3,048 closings at an average price of $600,000[5][11]. - Home closings revenue increased to $1,830,068,000 in Q1 2025 from $1,636,255,000 in Q1 2024, representing an increase of 11.8%[23]. - For full year 2025, home closings are expected to be between 13,000 to 13,500, with a gross margin around 23%[14]. - Net sales orders decreased by 8% to 3,374, with a monthly absorption pace of 3.3, down from 3.7 a year ago[6][11]. - Net sales orders decreased by 8.5% to 3,374 homes in Q1 2025 from 3,686 homes in Q1 2024[27]. - The sales order backlog as of March 31, 2025, was 5,068 homes, down 18.8% from 6,244 homes in the same period last year[28]. Financial Position and Liquidity - Total liquidity stood at $1.3 billion, including $934 million available on the revolving credit facility[11]. - Total assets increased to $9,384,128,000 as of March 31, 2025, compared to $9,297,131,000 at the end of 2024[25]. - The total stockholders' equity increased to $5,957,524,000 as of March 31, 2025, from $5,878,180,000 at the end of 2024[25]. - The total stockholders' equity rose to $5,957,524,000 as of March 31, 2025, compared to $5,426,168,000 a year earlier, reflecting an increase of 9.8%[45]. - The company repurchased 2.2 million shares for $135 million, with remaining authorization of $775 million[11]. Debt and Interest - The total homebuilding debt to capitalization ratio improved to 24.3% as of March 31, 2025, down from 26.1% a year earlier[45]. - Net homebuilding debt increased to $1,536,220,000 as of March 31, 2025, compared to $1,363,973,000 a year prior, indicating a rise of 12.7%[45]. - The net homebuilding debt to capitalization ratio was 20.5% as of March 31, 2025, slightly up from 20.1% a year earlier[45]. - Interest expense increased to $8,499,000 in Q1 2025 from a net income of $(43,000) in Q1 2024, indicating a shift in interest costs[43]. Inventory and Impairment - Inventory impairment charges were recorded at $14,878,000 in Q1 2025, with no such charges in Q1 2024[43]. - Homebuilding land investment totaled $469 million, with 46% allocated to development[11]. Customer Metrics - The mortgage capture rate improved to 89%, up from 87% a year ago, indicating strong financing performance[11]. - The average selling price of homes closed in Q1 2025 was $600,000, slightly up from $599,000 in Q1 2024[26].

SCOTTSDALE, Ariz., April 23, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the first quarter ended March 31, 2025. Reported first quarter net income was $213 million, or $2.07 per diluted share, while adjusted net income was $225 million, or $2.18 per diluted share.First quarter 2025 highlights: Home closings revenue of $1.8 billion, up 12% year over year 3,048 closings, up 12% year over year, at an average pric ...

SCOTTSDALE, Ariz., March 26, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("Taylor Morrison"), a leading national developer and homebuilder, announced today that it will release its first quarter 2025 results before the market opens on Wednesday, Apr. 23, 2025. Taylor Morrison will hold a conference call to discuss its results the same day at 8:30 a.m. ET.A live audio webcast of the conference call will be available on Taylor Morrison's website at www.taylormorrison.com on the Investor ...

Group 1 - The home building market is viewed positively, with a specific mention of Hovnanian Enterprises as a notable firm in this sector [1] - The focus of the investment service is on cash flow and companies that generate it, highlighting the potential for value and growth in the oil and natural gas industry [1] Group 2 - Subscribers have access to a comprehensive stock model account and detailed cash flow analyses of exploration and production (E&P) firms [2] - The service includes live chat discussions about the oil and gas sector, enhancing community engagement and information sharing [2]

Core Points - Darrell Sherman, EVP, Chief Legal Officer and Secretary of Taylor Morrison, will retire on May 31, 2025, after nearly 16 years in the role [1][2] - Todd Merrill, currently VP and General Counsel of Operations, will succeed Sherman effective June 1, 2025 [1][2] - Sherman has been recognized for his contributions to corporate governance, finance, land acquisition, risk management, M&A, and strategic growth [2] - Merrill has over 20 years of experience with Taylor Morrison and has been part of the legal team since August 2004 [2][3] - Taylor Morrison is a leading homebuilder in the U.S., recognized as America's Most Trusted® Builder from 2016-2025 [3] Company Overview - Taylor Morrison is headquartered in Scottsdale, Arizona, and serves a diverse range of consumers, including first-time, move-up, luxury, and resort lifestyle homebuyers and renters [3] - The company operates under various brands, including Taylor Morrison, Esplanade, and Yardly [3] - Taylor Morrison emphasizes sustainable operations, as highlighted in its annual Sustainability and Belonging Report [3]

Core Insights - Taylor Morrison celebrates Women in Construction Week by highlighting the increasing number of women in its workforce and their significant career growth in the traditionally male-dominated homebuilding industry [1][2][9] Workforce Statistics - As of March 2025, Taylor Morrison has experienced an 887% increase in women holding construction roles over the past decade [9] - The company boasts a 45% female representation in its workforce, which is over four times the U.S. construction industry average of 11% [9] - The Board of Directors at Taylor Morrison has a female majority, the highest in the industry [9] Employee Experiences - Haley Hoffman, a Dallas Build-to-Rent Assistant Land Project Manager, emphasizes the importance of asking questions and seeking mentorship in the construction field [3] - Autumn Schmicker, an Indianapolis-based Superintendent, encourages women to build upon their skills and not underestimate themselves [4] - Tracey Michaels, a Jacksonville-based Superintendent, shares her rewarding experience of seeing completed homes and the joy of homeowners [6][7] Company Overview - Taylor Morrison is headquartered in Scottsdale, Arizona, and is recognized as one of the nation's leading homebuilders and developers [8] - The company serves a diverse range of consumers, including first-time, move-up, luxury, and resort lifestyle homebuyers and renters [8] - Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research from 2016 to 2025 [8]

Core Insights - Taylor Morrison Home Corporation is hosting its first-ever Investor Day to present its long-term strategic vision and financial targets [1][2] - The company aims for approximately 20,000 home closings by 2028, with a focus on profitable growth and improved returns for shareholders [3][7] Company Overview - Taylor Morrison is a leading national developer and homebuilder, recognized as America's Most Trusted® Builder from 2016 to 2025 [4] - The company serves a diverse consumer base, including first-time, move-up, and resort lifestyle homebuyers and renters [4] Financial Targets - The company targets at least 10% annual growth in home closings [7] - It aims for a low-to-mid 20% gross margin on home closings and a high-teen range return on equity [7] - The company plans to maintain at least 65% control over homebuilding lots [7] Strategic Vision - Taylor Morrison emphasizes diversification, consumer centricity, and a well-defined strategy as competitive differentiators [3] - The company is committed to sustainable operations, as highlighted in its annual Sustainability and Belonging Report [4]

Core Insights - The 2025 CNBC Changemakers list recognizes 50 women leaders making significant impacts in the business world, highlighting the underrepresentation of women in leadership roles, particularly in Fortune 500 companies where only 10% of CEOs are women [2][5] - Sheryl Palmer, CEO of Taylor Morrison, has been acknowledged for her commitment to increasing opportunities for women in the homebuilding industry, emphasizing the importance of representation in leadership roles [3][4] Company Performance - Under Sheryl Palmer's leadership since 2013, Taylor Morrison has achieved strategic growth through seven acquisitions and has been recognized as America's Most Trusted® Home Builder for ten consecutive years [3] - The company reported over $8 billion in revenue across 20 markets in 2024, showcasing its significant market presence and consumer trust [3] Workforce Diversity - Taylor Morrison boasts a female workforce of 44%, significantly higher than the construction industry average of 11%, reflecting the company's commitment to inclusivity and diversity [4]

Debt and Interest Rates - As of December 31, 2024, approximately 92% of the company's debt was fixed rate, while 8% was variable rate[312]. - The company had no outstanding borrowings under its $1 Billion Revolving Credit Facility as of December 31, 2024, with approximately $947.1 million of additional availability for borrowings[312]. - Each 1% increase in interest rates would increase the interest incurred by the company by approximately $1.7 million per year for its variable rate debt[316]. - The total fixed rate debt amounts to $1,952.6 million, with a weighted average interest rate of 4.9%[316]. - The effective weighted average interest rate for variable rate debt is 6.2%[316]. - The company’s mortgage warehouse facilities use SOFR as the basis for determining interest rates, which may lead to increased costs for variable rate indebtedness[313]. - The total mortgage warehouse borrowings as of December 31, 2024 amounted to $174.46 million, with a total facility amount of $410 million[440]. - The company reported total debt of $2.127 billion as of December 31, 2024, with future minimum principal payments scheduled for 2025 at $307.646 million[443]. - Total debt increased to $2.13 billion in 2024 from $2.02 billion in 2023, marking a 5.5% increase[419]. Financial Performance - Total revenue for 2024 was $8,168,136, an increase of 10.1% from $7,417,831 in 2023[337]. - Home closings revenue reached $7,755,219, up 8.3% from $7,158,857 in the previous year[337]. - Net income for 2024 was $883,309, representing a 14.8% increase compared to $768,929 in 2023[337]. - Earnings per diluted share increased to $8.27 in 2024 from $6.98 in 2023, a rise of 18.5%[337]. - Total assets grew to $9,297,131 in 2024, up from $8,672,087 in 2023, reflecting a 7.2% increase[335]. - Total liabilities increased to $3,418,951 in 2024, compared to $3,339,801 in 2023, marking a 2.4% rise[335]. - Retained earnings rose to $4,393,853 in 2024, up from $3,510,544 in 2023, an increase of 25.1%[335]. - The company reported a gross margin of $1,984,212 for 2024, compared to $1,783,073 in 2023, indicating a margin improvement[337]. - Financial services revenue increased to $199,459 in 2024, up from $160,312 in 2023, a growth of 24.4%[337]. - Comprehensive income available to Taylor Morrison Home Corporation was $884,922 in 2024, compared to $769,466 in 2023, an increase of 15.0%[340]. - Cash provided by operating activities for 2024 was $210,079,000, a significant decrease from $806,169,000 in 2023[344]. - The company repurchased $347,598,000 worth of common stock in 2024, compared to $127,959,000 in 2023, indicating an increase in share buybacks[344]. Real Estate and Inventory - Total real estate inventory as of December 31, 2024, was $6.234 billion, up from $5.545 billion in 2023, with developed and under development real estate valued at $4.456 billion[404]. - Real estate inventory and land deposits decreased by $797,330,000 in 2024, compared to a decrease of $78,575,000 in 2023[344]. - The company acquired approximately 1,700 owned and controlled lots from Pyatt Builders on April 29, 2024, as part of an asset acquisition[396]. - The total number of owned and controlled lots increased to 86,153 as of December 31, 2024, from 72,362 in 2023[406]. - Real estate inventory in unconsolidated entities increased to $1.397 billion in 2024 from $952.2 million in 2023, with net income from these entities at $16.6 million[411]. Stock and Equity - Total stockholders' equity as of December 31, 2024, reached $5,878,180,000, up from $5,332,286,000 in 2023, reflecting a growth of 10.3%[342]. - As of December 31, 2024, the company authorized a stock repurchase program allowing for the repurchase of up to $1.0 billion of common stock through December 31, 2026[457]. - The total amount repurchased under the stock repurchase program for the year ended December 31, 2024, was 5,607,852 shares, compared to 2,814,956 shares in 2023[460]. - The company recognized stock-based compensation expense of $22.461 million for the year ended December 31, 2024, down from $26.095 million in 2023[462]. - The aggregate intrinsic value of options outstanding as of December 31, 2024, was $63.069 million, compared to $59.758 million in 2023[464]. Tax and Deferred Assets - The provision for income taxes for the year ended December 31, 2024 was $269.548 million, with an effective tax rate of 23.3%[450]. - The company’s effective tax rate decreased from 24.4% in 2023 to 23.3% in 2024[450]. - Deferred tax assets totaled $148.897 million and deferred tax liabilities were $66.921 million as of December 31, 2024, resulting in net deferred tax assets of $76.248 million[452]. - The company has approximately $163.2 million in available gross federal NOL carryforwards, which may offset future taxable income for a period of 20 years[453]. Legal and Compliance - The company is currently under examination by the IRS for certain federal income tax returns for tax years 2015 through 2018 and 2021, with outcomes not yet determinable[455]. - The court has approved an agreement regarding class certification in the ongoing litigation, although the ultimate outcome remains uncertain[482]. - The company has recorded an estimated liability accrual related to a class action suit, reflecting potential costs associated with litigation as of December 31, 2024[482]. Commitments and Liabilities - Total future minimum lease payments required under leases as of December 31, 2024, amount to $325.318 million, with $62.378 million in operating lease payments and $262.940 million in finance lease payments[370]. - Total accrued expenses and other liabilities increased to $632.25 million in 2024 from $549.07 million in 2023, representing a 15.1% increase[414]. - Self-insurance and warranty reserves rose to $214.11 million in 2024, up from $184.45 million in 2023, reflecting a 16.0% increase[414]. - Estimated development liabilities were reduced by $23.1 million in 2024, contributing approximately $0.17 per diluted share, compared to a reduction of $14.8 million and $0.10 per diluted share in 2023[417]. Derivative Instruments and Risk Management - The fair value of derivative assets related to interest rate lock commitments is reflected on the balance sheet, with changes recognized in Financial Services revenue[372]. - The fair value of interest rate lock commitments (IRLCs) was $(5,917) thousand as of December 31, 2024, with a notional amount of $233,881 thousand[484]. - The company has exposure to credit loss from derivative instruments used in rate risk management, managed by selecting financially strong counterparties and spreading risk[486]. - The notional amounts in the derivative instruments table include mandatory and best effort mortgages that have been locked and approved[484].