TMHC (57.70) out with solid Q1 earnings. New Home orders up a very impressive 29% y/y.
briefing -
Taylor Morrison Home beats by $0.14, beats on revs (57.70 ) :
Reports Q1 (Mar) earnings of $1.75 per share, excluding non-recurring items, $0.14 better than the FactSet Consensus of $1.61; revenues rose 2.3% year/year to $1.7 bln vs the $1.66 bln FactSet Consensus.
Q2 closings expected around 3,000.
FY24 closings expected around 12,500 and share repurchases expected to reach $300 mln.
PR -
"In the first quarter, our team delivered a strong start to the year, including better-than-expected sales activity, upside to our gross margin expectations, and efficient construction progress that we believe has set the stage for continued success through the remainder of the year. Supported by our diversified consumer and geographic strategy, we delivered 2,731 homes at a better-than-expected home closings gross margin of 24.0%, driving earnings per diluted share of $1.75 and 14% growth in our book value per share to $50. With consistent activity throughout the quarter, our net sales orders increased 29% year over year, driven by a monthly sales pace of 3.7 per community—putting us firmly on track to meet our annual sales pace goal in the low-three range," said Sheryl Palmer, Taylor Morrison Chairman and CEO.
