Headquartered in Scottsdale, Arizona, Taylor Morrison Home Corporation operates as a public homebuilder in the U.S. Established in 1936, it constructs single-family detached and attached homes. The Company operates under the Taylor Morrison and Darling Homes brands in the States of Florida, Georgia, North Carolina, Texas, Arizona, California, Colorado, and Illinois. It operates in 20 markets in these eight States.
In addition, Taylor Morrison Home develops lifestyle and master planned communities, and also offers mortgage and title services. The Company was recently recognized as America’s Most Trusted™ Home Builder for 2016 by Lifestory Research.
The Company has its four-pillar business strategy, which comprises:
- Opportunistic land acquisition of prime assets in core locations.
- Distinctive communities driven by consumer preferences.
- A culture of strong cost efficiency.
- Optimizing profitability while achieving desired sales paces.
Q3 2016 Financials
For Q3 2016, Taylor Morrison Home achieved 1,950 Net Sales Orders. This represents an increase of 19% from the year-ago quarter. The Company realized 1,737 Home Closings, an increase of 2%. Its Total Revenue was $853 Million, a 7% increase.
Furthermore, Taylor Morrison Home’s Net Income was $58 Million for Q3 2016 – a 28% increase from the year-ago quarter. Average Active Community Count grew 12% from the year-ago quarter to 309.
The Company’s Total revenue was $853 million. This represents a 7% increase from the year-ago quarter. For Q3 2016, the average closing price was $468,000.
Regarding its Mortgage operations, Taylor Morrison produced $13.8 million of revenue during Q3. This represents a 22% increase over the year prior.
In 2013, Taylor Morrison Home acquired Darling Homes. In 2015, it acquired JEH Homes and also acquired three markets from Orleans Homes. Moreover, this year, it acquired Acadia Homes.
The Company’s year-to-date 2016 Home Sales by Price Point consisted of Entry Level being 28% of sales; 1st Move Up 47% of sales; 2nd Move Up 12% of sales; 55+ was 12% of sales; and Urban Infill was 1% of sales.
A lifestyle builder, Taylor Morrison Home develops master plan communities that feature community amenities. These include fitness centers – facilitated lifestyle with activities and classes.
The Company’s Total Land Bank at the end of Q3 2016 comprised roughly 39,000 lots owned and controlled. The percentage of lots owned was about 76% with the rest under control.
Regarding its 55+ Community Portfolio, the Company focuses on boutique, hyper-local 55+ communities, for example Sol y Mar Villas in California; Skyestone in Colorado; Bonterra and Heritage in Texas; and Esplanade in Florida.
Taylor Morrison Home focuses on construction efficiency. It works to be the builder of choice. Therefore, it provides trade-ready job sites, a safe construction environment for its clients and trade partners, and consistent and predictable start schedules, which permits its crews to stay on-site.
Taylor Morrison Home noted this week that, “Phoenix has been one of our most consistent divisions within the entire portfolio. It continues to operate at a high level with volumes continuing to be up year-over-year driving great results for the company.” (Seeking Alpha, Earnings Call Transcript, Q3 2016)