Taylor Morrison Home Stock Earnings Reports

Taylor Morrison reported a solid first quarter driven by a diversified strategy, disciplined execution and a favorable mix shift toward to-be-built homes. Key operational and financial highlights: 2,268 closings at an average price of $578k; home closings revenue of ~$1.3B; adjusted home closings gross margin of 20.6%; adjusted EPS of $1.12; book value per share up 11% to $64. Backlog improved 23% sequentially to 3,465 homes as to-be-built orders rose to 38% of orders (from 28% at year-end). Finished spec inventory declined 30% sequentially to 863 homes and total specs are roughly at targeted levels. The company invested $503M in land and development during the quarter, ended with ~$1.6B liquidity, repurchased $150M of stock in Q1 and is targeting ~$400M of buybacks for the year. Management reaffirmed full-year 2026 guidance (anchored around ~11,000 closings at an average closing price ~$580–590k), expects mid-single-digit lot inflation, and projects gradual margin improvement beginning in H2 driven by a higher share of to-be-built closings, assuming stable rates and construction costs. Land strategy remains focused on core locations with a flexible mix of seller financing, JVs, options and selective land banking (~13% of lots in land bank). Yardly (build-to-rent) continues to scale with most units controlled off balance sheet. Management emphasized technology and AI investments (online reservation conversion, AI contact center, lower cost base) as drivers of efficiency and sales. Risks noted: elevated mortgage rates, macro/geopolitical uncertainty, and potential incentive pressure if rates remain high.