This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 -0.02%
FB $99.54 -0.21%
GOOG $678.11 -0.68%
TSLA $148.25 0.18%
YHOO $26.82 -0.85%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs