This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Taylor Morrison Reports Fourth Quarter And Year End 2013 Financial Results

Taylor Morrison Home Corporation (the “Company” or “Taylor Morrison”) (NYSE: TMHC) announced today financial results for the fourth quarter and year ended December 31, 2013. Earnings per share were $0.79 on net income for the quarter of $96.0 million, which includes certain tax benefits related to the reversal of a portion of the valuation allowance on deferred tax assets and a tax indemnification settlement. Excluding these items, earnings per share as adjusted was $0.72.

“This has been a remarkable year for Taylor Morrison,” said Sheryl Palmer, President and Chief Executive Officer. “We successfully executed against our strategy of first identifying and then developing and building in core locations within high-growth markets to continue our trend of strong results and more than four years of operating profit.”

“As we look ahead to 2015 and beyond, our opportunistic investment in our land bank portfolio has uniquely positioned us for success. We own or control most of what we need to execute in 2015, and we believe our disciplined investments in high-growth markets will ensure that we are able to maintain quality lots in core locations in order to meet future demand in 2016 and beyond,” Palmer concluded.

Net sales orders in the Company’s U.S. operations increased 23.1% in the fourth quarter of 2013 with a continued focus on move-up buyers. Net sales orders in the Company’s Canadian operations were down 3.8% in the fourth quarter of 2013. Net sales orders on a Company-wide basis increased 19.6% to 1,174 in the fourth quarter of 2013, as compared to 982 in the fourth quarter of last year. During the quarter, average community count increased by 48% to 180. Consistent with the third quarter, the Company’s overall monthly absorption pace was 2.2 net sales orders per community in the fourth quarter of 2013.

The sales order backlog value in the U.S. increased 37.9% to $987.8 million at December 31, 2013 from $716.0 million at December 31, 2012 and units in backlog increased by 16.2% to 2,166 homes at December 31, 2013 as compared to 1,864 homes at December 31, 2012. The Company’s consolidated sales order backlog value increased 9.8% to approximately $1.25 billion at December 31, 2013 from $1.14 billion at December 31, 2012, and with the delivery of two wholly owned high-rise towers in Canada, backlog units decreased 6.7% to 2,988 homes at December 31, 2013 compared with 3,203 homes at December 31, 2012. The fourth quarter 2013 cancellation rate, representing cancelled sales orders divided by gross sales orders, was 15.2%, as compared to 11.5% in the fourth quarter of 2012.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs