Taylor Morrison Home Corporation (TMHC) reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $2,120,842,000, a 26.5% increase from $1,675,545,000 in Q3 2023. Home closings revenue also rose to $2,029,134,000, up 25.9% from $1,611,883,000. The gross margin for the quarter improved to $531,069,000, compared to $391,718,000 in the prior year, reflecting a gross margin percentage increase to 24.8% from 23.1%.
Net income for Q3 2024 was $251,126,000, a substantial increase from $170,691,000 in Q3 2023. This resulted in earnings per share (EPS) of $2.37, up from $1.54. For the nine months ended September 30, 2024, net income totaled $640,856,000, compared to $596,344,000 in the same period of 2023, with total revenue increasing to $5,811,647,000 from $5,397,966,000.
The company’s total assets as of September 30, 2024, were $9,300,436,000, up from $8,672,087,000 at the end of 2023. Total liabilities increased to $3,576,974,000 from $3,339,801,000, while total stockholders' equity rose to $5,723,462,000 from $5,332,286,000. Cash and cash equivalents decreased significantly to $256,447,000 from $798,568,000, primarily due to increased spending on real estate inventory and land deposits.
In terms of operational metrics, the company reported a 9% increase in net sales orders to 2,830 for Q3 2024, with a total of 9,627 net sales orders for the nine months, a 13.7% increase year-over-year. The average selling price for homes closed decreased slightly to $598,000 from $623,000, attributed to a change in the home closing mix and reduced option and lot premium revenue.
Strategically, TMHC has continued to expand its land holdings, controlling 83,579 lots as of September 30, 2024, with 58% of these controlled off-balance sheet. The company also renewed its stock repurchase program, authorizing up to $1 billion for repurchases through December 31, 2026, with $61 million repurchased in Q3 2024 alone.
Overall, Taylor Morrison's performance reflects a robust recovery in the housing market, supported by strategic land acquisitions and operational efficiencies, despite challenges in cash flow and inventory management.
About Taylor Morrison Home Corp
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.