(Disclosure: Rose Law Group represents Taylor Morrison.)
By Builder
The home builder expects to grow annual closings by more than 10% this year following ‘better-than-expected’ results in the fiscal third quarter.
By Vincent Salandro
Taylor Morrison, the seventh-largest company on the 2024 BUILDER 100 list, delivered “better-than-expected” results in the fiscal third quarter and is positioned to exceed its lofty growth targets for the 2024 fiscal year.
The builder’s targets include 10% annual home closings growth, an annualized absorption pace in the low-three range, and a community count between 330 and 340.
“This year, with just over two months to go, we expect to meet or exceed each of these metrics with anticipated double-digit closings growth to approximately 12,725 homes at a home closings growth margin of around 24.3% as 2024 has shaped up to be another milestone year for our company,” CEO and chairman Sheryl Palmer said.
The headline numbers in the strong third quarter results include a 29% year-over-year increase in home closings to 3,394 homes and 26% year-over-year growth in home closings revenue to $2 billion. Net sales orders increased 9% to 2,830 in the third quarter, benefiting from a 5% increase in community count and a 4% increase in the monthly absorption pace to 2.8 per community. The builder’s year-to-date monthly absorption pace is 3.2 per community.
