Taylor Morrison Home Corporation (NYSE: TMHC) on Wednesday reported first quarter revenue of $645 million, net income of $26 million and earnings per share of $0.21.
"I am very pleased with our first quarter results, and am proud that we met or exceeded every point of our quarterly guidance –– most notably with higher than expected closings and improved margins," said Sheryl Palmer, President and CEO of Taylor Morrison. "We continue to believe that the underlying market conditions for our industry are sound and that we are well positioned to take advantage of these fundamentals, allowing us to be consistent in our strategy and in the execution of our ongoing plans as we look towards the rest of the year. Our second quarter is starting off strong with April sales increasing approximately 23% compared to the same month last year, which positions us well as we move through the spring selling season."
First Quarter 2016 financial highlights include:
- Average community count increased 36% from the prior year quarter to 310 average communities
- Net sales orders increased 6% from the prior year quarter to 1,828
- Home closings increased 31% from the prior year quarter to 1,391
- Backlog of homes under contract at the end of the quarter was 3,432 units, with a sales value of $1.6 billion
- Average price of homes closed was $452,000
- Average monthly absorption pace per community was 2.0 for the quarter
- Mortgage operations reported gross profit of $3.1 million on revenue of $9.6 million
- SG&A as a percent of home closings revenue was 12.3% for the quarter and remains on track to deliver the full year guidance of around 10%
- Net home building debt to capitalization ratio of 44.1%