Taylor Morrison Home Corporation reported a strong financial performance for the first quarter of 2025, with total revenue reaching $1.896 billion, a 12% increase from $1.700 billion in the same period last year. Home closings revenue, which constitutes the bulk of the company's income, amounted to $1.830 billion, up from $1.636 billion in the prior year. The company also saw net income rise to $213.5 million, or $2.07 per diluted share, compared to $190.3 million, or $1.75 per diluted share, in the first quarter of 2024. This growth in profitability was attributed to higher home closings and improved gross margins, which remained stable at 24.0%.
In terms of operational metrics, Taylor Morrison reported 3,048 home closings during the quarter, reflecting a 12% increase year-over-year. The average selling price of homes closed was approximately $600,000. However, net sales orders decreased by 8.5% to 3,374, influenced by economic conditions such as rising mortgage interest rates. The company ended the quarter with 344 active selling communities, a 4% increase from the previous year, indicating a strategic expansion in its market presence.
The company also faced challenges, including $14.9 million in inventory impairment charges due to recent pricing decreases in certain communities. This was a significant change from the previous year, where no such charges were recorded. Despite this, Taylor Morrison's gross margin in home closings remained consistent, and the company reported a total of 86,266 homebuilding lots owned and controlled, with 59% of these controlled off-balance sheet, up from 53% a year ago.
Looking ahead, Taylor Morrison maintains a positive outlook, supported by a total liquidity of $1.3 billion and a debt-to-capitalization ratio of 24.3%. The company continues to focus on strategic land investments and community developments, with a total land spend of $469 million in the first quarter. The management expressed confidence in generating sufficient cash from operations to meet future demands, including ongoing capital investments and stock repurchases, as evidenced by the repurchase of 2.2 million common shares for $135 million during the quarter.
About Taylor Morrison Home Corp
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