Stock Monitor: Toll Brothers Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 8, 2018 / Active-Investors.com has just released a free earnings report on Taylor Morrison Home Corp. (NYSE: TMHC) (''Taylor Morrison''). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TMHC. On February 07, 2018, Taylor Morrison reported financial results for the fourth quarter and full year ended December 31, 2017. The Company reported remarkable operational and financial performance in Q4 FY17 and FY17 with improvements in total revenues, home closings, and adjusted earnings per share. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Taylor Morrison's total revenues for the fourth quarter of 2017 (Q4 FY17) reached $1.3 billion, up 8.58% from $1.20 billion in Q4 FY16. Out of this, the Company had home closings revenue of $1.28 billion in Q4 FY17, an increase of 10.21% from $1.15 billion in Q4 FY16. The land closings revenue decreased 71.05% to $5.67 million y-o-y and mortgage operations revenue dipped 5.35% to $21.77 million y-o-y in the quarter under review. The reported total revenue numbers surpassed analysts' estimates of $1.28 billion.
During Q4 FY17, Taylor Morrison's total cost of revenues hiked 7.32% to $1.05 billion from $973.94 million in Q4 FY16. The Company had a gross margin of $254.50 million in Q4 FY17 compared to $223.03 million in Q4 FY16, reflecting an increase of 14.11%. The Company's home closings gross margin for the reported quarter was 19.02%, 1.23% higher than 17.79% in the same period last year.
Net income available to Taylor Morrison was $19.97 million in Q4 FY17, an increase of 3.55% from $19.28 million in Q4 FY16. Diluted earnings per share (DEPS) for the reported quarter was $0.26, 58.73% lower than $0.63 in the year-ago same quarter. The reported quarter results included a $57.4 million non-cash charge for revaluation of deferred tax assets as per the new lower corporate tax rate. It also included a $3.6 million charge for the mandatory deemed repatriation of proceeds related to the sale of its Canadian business in 2015. Taylor Morrison's adjusted DEPS, excluding non-recurring and non-core items, advanced 22.22% to $0.77 in Q4 FY17 from $0.63 in Q4 FY16. The Company's adjusted DEPS surpassed analysts' consensus estimates of $0.70 per share.
For the year ending December 31, 2017, Taylor Morrison's total revenues were $3.89 billion, an increase of 9.44% from $3.55 billion in FY16. The Company's gross margin advanced 8.62% to $738.93 million y-o-y in FY17. The Company reported home closing revenue of $3.8 billion and home closing gross margin of 18.59% in fiscal 2017. Net income available to Taylor Morrison for the reported year was $91.22 million, an increase of 73.37% from $52.62 million in the year earlier. The DEPS fell 13.02% to $1.47 in FY17 from $1.69 in FY16. Excluding special items, Taylor Morrison's adjusted EPS was $1.98 for FY17, which was 17.16% higher than $1.69 in FY16.
Taylor Morrison had cash and cash equivalents of $573.93 million as on December 31, 2017, an increase of 91.19% from $300.18 million as on December 31, 2016. Besides, the Company had an extended unsecured revolving credit facility of $500 million. Thus, Taylor Morrison had over $1 billion in liquidity at the end of Q4 FY17.
Taylor Morrison had homebuilding inventories of $3.0 billion, including 4,351 homes as on December 31, 2017, compared to 3,920 homes as on December 31, 2016.
For the first quarter of 2018, Taylor Morrison expects home closings to be between 1,550 and 1,650. The Company expects home closings margin, inclusive of capitalized interest, to be accretive to 2017 and be in the mid 18% range.
For the full year 2018, Taylor Morrison expects home closings to be between 8,400 and 8,800. In-line with the Q1 FY18 guidance, the Company expects home closings margin for full year FY18 to be accretive to 2017 and be in the mid 18% range. The Company anticipates an effective tax rate of 25%-27% and a diluted share count of 114 million for FY17.
Stock Performance Snapshot
March 07, 2018 - At Wednesday's closing bell, Taylor Morrison Home's stock was slightly up 0.56%, ending the trading session at $23.43.
Volume traded for the day: 1.20 million shares.
Stock performance in the previous six-month period - up 17.27%; and past twelve-month period - up 14.07%
After yesterday's close, Taylor Morrison Home's market cap was at $2.68 billion.
Price to Earnings (P/E) ratio was at 94.48.
The stock is part of the Industrial Goods sector, categorized under the Residential Construction industry. This sector was up 0.2% at the end of the session.
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