Taylor Morrison Home (TMHC) Q4 2024 earnings summary

Executive summary

• Delivered 3,571 homes in Q4 2024 at an average price of $608,000, generating nearly $2.2 billion in revenue and a home closings gross margin of 24.9%.

• Achieved 12,896 home closings in 2024, up 12% year-over-year, with $7.8 billion in total revenue, a 10% increase from 2023.

• Adjusted earnings per diluted share grew 29% year-over-year in Q4; book value per share increased 14% to $56.

• Diversified product portfolio serves entry-level, move-up, and resort lifestyle buyers across top U.S. markets, supported by digital sales tools and a growing build-to-rent business.

• Strong demand trends and web traffic up 40% year-over-year, aided by national marketing initiatives.

Financial highlights

• Q4 2024 total revenue was $2.36 billion, up 17% year-over-year; full-year revenue was $8.17 billion, up 10%.

• Q4 adjusted EPS was $2.64, up 29% year-over-year; full-year adjusted EPS was $8.72, up 16%.

• Adjusted home closings gross margin for 2024 was 24.5%, up 50 bps year-over-year.

• SG&A as a percentage of home closings revenue was 9.4% in Q4 and 8.5% for the year.

• Homebuilding net debt-to-capitalization ratio was 20.0% at year-end.

Outlook and guidance

• 2025 home closings expected between 13,500 and 14,000, with average closing price of $590,000–$600,000; gross margin forecasted at 23–24%.

• Q1 2025 expected deliveries: ~2,900 homes; gross margin in the high-23% range.

• SG&A as a percentage of home closings revenue expected in the mid-9% range for 2025.

• Planned $2.6 billion in land acquisition and development spend and $300–$350 million in share repurchases for 2025.

• Community count to increase to at least 355 by year-end 2025.