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LONDON, UK / ACCESSWIRE / June 4, 2018 / If you want access to our free earnings report on Taylor Morrison Home Corp. (NYSE: TMHC) ("Taylor Morrison"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TMHC. The Company reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The home builder surpassed earnings expectations. Additionally, the Company provided guidance for the upcoming quarter and full fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, Taylor Morrison reported total revenues of $752.2 million, down 2.2% compared to $769.1 million in Q1 2017. The Company's revenue numbers lagged analysts' estimates of $785.4 million.
During Q1 2018, Taylor Morrison's Home closings gross margin, inclusive of capitalized interest, was 18.8%, representing an increase of 80 basis points compared to Q1 2017. The y-o-y improvement was driven by product mix shifts across the organization, operational enhancements that helped to offset cost increases, and lower capitalized interest.
For Q1 2018, Taylor Morrison reported a net income available to common shareholders of $44.9 million, or $0.41 per diluted share, compared to $11.5 million, or $0.30 per diluted share, in Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.37 per share.
Taylor Morrison closed Q1 2018 with a sales pace of 2.8, the Company's best pace since the first half of 2013, representing a 40% two-year growth rate. For Q1 2018, the Company's net sales orders were 2,443, with an average community count of 288. The Company ended the quarter with 4,392 units in backlog, reflecting a y-o-y growth of 12%, with a sales value of more than $2.1 billion.
During Q1 2018, Taylor Morrison's closings totaled 1,547; three less than its stated guidance.
Taylor Morrison's homebuilding inventories were $3.1 billion at the end of Q1 2018, including 5,053 homes in inventory compared to 4,396 homes in inventory at the end of Q1 2017. At the end of the reported quarter, the Company's homes in inventory consisted of 3,132 sold units, 384 model homes, and 1,537 inventory units, of which 201 were finished.
Taylor Morrison finished Q1 2018 with $288 million in cash and a net homebuilding debt to capitalization ratio of 33.1%. As of March 31, 2018, the Company owned or controlled approximately 37,000 lots, representing 4.7 years of supply, and is focused on securing land for 2020 and beyond.
For the second quarter of the fiscal year 2018, Taylor Morrison is forecasting average active community count to be in the range of 295 - 300. The Company's home closings are expected to be in the band of 1,800 - 1,900, and home closings margin, inclusive of capitalized interest, is expected to be approximately 18% for Q2 2018.
For the full fiscal year 2018, Taylor Morrison is projecting average active community count to be flat compared to 2017. The Company's monthly absorption pace is expected to be between 2.4 to 2.5 per outlet on average. Taylor Morrison's home closings are expected to be in the band of 8,400 to 8,800, and home closings gross margin, inclusive of capitalized interest, is expected to be accretive to 2017 and be in the mid- to high-18% range for FY18.
For FY18, Taylor Morrison is estimating income from unconsolidated joint ventures to be in the band of $8 million to $10 million. The Company is expecting land and development expenditure to be approximately $1.1 billion for FY18.
Stock Performance Snapshot
June 01, 2018 - At Friday's closing bell, Taylor Morrison Home's stock climbed 1.35%, ending the trading session at $21.79.
Volume traded for the day: 710.81 thousand shares.
After last Friday's close, Taylor Morrison Home's market cap was at $2.41 billion.
Price to Earnings (P/E) ratio was at 46.36.
The stock is part of the Industrial Goods sector, categorized under the Residential Construction industry. This sector was up 1.0% at the end of the session.
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