SCOTTSDALE, Ariz. - Taylor Morrison (NYSE:TMHC) Home Corporation (NYSE:TMHC) reported better-than-expected third quarter results, but its stock fell 2.8% as guidance came in slightly below expectations.
The homebuilder posted adjusted earnings per share of $2.37, beating analyst estimates of $2.07. Revenue rose 26.6% YoY to $2.12 billion, surpassing the $1.95 billion consensus.
Home closings increased 28.6% to 3,394 units, while the average selling price dipped 2.1% to $598,000. Home closings gross margin expanded 170 basis points to 24.8%.
"Our team delivered better-than-expected results, which clearly demonstrated the benefits of our diversified consumer and geographic strategy," said CEO Sheryl Palmer.
For Q4, Taylor Morrison expects home closings of approximately 3,400 units at an average price of $610,000. Full-year 2024 closings are projected at 12,725 homes with an average price of $600,000.
While the company raised its full-year home closings guidance, the average price outlook was trimmed slightly, likely contributing to the stock's decline despite the earnings beat.
The homebuilder repurchased $61 million of shares during Q3 and expects total 2024 buybacks of $300 million.
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