Taylor Morrison Home (TMHC) Tops Q1 EPS by 42c

Taylor Morrison Home (NYSE: TMHC) reported Q1 EPS of $1.74, $0.42 better than the analyst estimate of $1.32. Revenue for the quarter came in at $1.66 billion versus the consensus estimate of $1.53 billion.

• Home closings declined eight percent to 2,541 homes, which generated revenue of $1.6 billion.
• Home closings gross margin improved 80 basis points to 23.9 percent.
• Net sales orders declined seven percent to 2,854, which represented a monthly absorption pace of 2.9 per community versus 3.1 a year ago.

GUIDANCE:

Second Quarter 2023

• Home closings are expected to be between 2,600 to 2,700
• Average closing price is expected to be between $630,000 to $635,000
• GAAP home closings gross margin is expected to be between 23.0 to 23.5 percent
• Ending active community count is expected to be between 320 to 325
• Effective tax rate is expected to be approximately 25 percent
• Diluted share count is expected to be approximately 110 million

Full Year 2023

• Home closings are expected to be between 10,000 to 11,000
• Average closing price is expected to be around $625,000
• GAAP home closings gross margin is expected to be approximately 23.0 percent
• SG&A as a percentage of home closings revenue is expected to be in the high-nine percent range
• Ending active community count is expected to be between 320 to 325
• Effective tax rate is expected to be approximately 25 percent
• Diluted share count is expected to be approximately 110 million
• Homebuilding land and development spend is expected to be around $1.6 billion

For earnings history and earnings-related data on Taylor Morrison Home (TMHC) click here.

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