NYSE$TMHC
Taylor Morrison Home Corp · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Taylor Morrison reported strong Q3 2021 results, with a significant increase in home closings gross margin and backlog.
Taylor Morrison reported a strong third quarter, exceeding expectations in key operating metrics. The company successfully navigated supply-side challenges, closing 3,327 homes with a home closings gross margin of 21.2 percent. Net income increased to $168 million, or $1.34 per diluted share.
- Home closings gross margin increased 400 basis points to 21.2 percent.
- Backlog increased 32 percent to 10,273 sold homes with a sales value of $6.1 billion, up 63 percent.
- Controlled lots as a percentage of total lot supply increased approximately 700 basis points to 36 percent.
- Homebuilding lot supply increased 15 percent to approximately 78,000 total lots owned and controlled.
Headline financials
Revenue & EPS history
Taylor Morrison · Revenue · Quarterly
$1.86B
Forward guidance
Taylor Morrison expects positive momentum to continue, driven by synergy realization, operational enhancements and backlog strength. However, due to industry-wide material and labor bottlenecks, the company is adjusting its full-year home closings guidance to around 14,000 homes.
Tailwinds
- Average active community count is expected to be in line with the third quarter
- GAAP home closings gross margin is expected to be approximately 21 percent
- Effective tax rate is expected to be approximately 23.0 percent
- Diluted share count is expected to be approximately 125 million
- Net debt-to-capital ratio to decline to the low-30 percent range by the end of 2021 followed by further deleveraging in 2022.
Headwinds
- Home closings are expected to be approximately 4,600
- Unprecedented industry-wide material and labor bottlenecks that have intensified in recent months and are unlikely to abate in the foreseeable future
- Adjusting full-year home closings guidance to around 14,000 homes to reflect timing delays that have pushed some closings into early 2022
- Effective tax rate is expected to be approximately 23.0 percent
- Diluted share count is expected to be approximately 128 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+0.0%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.0%
Avg return
30 days after
42%
22 / 53 earnings
Positive
+11.5%
Q3 2021
Best reaction
-8.9%
Q4 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.5% | +1.6% | -6.4% | |
| Q4 2025 | -1.1% | +3.7% | -10.9% | |
| Q3 2025 | -3.2% | -4.4% | -2.9% | |
| Q2 2025 | -1.9% | -0.8% | +0.5% | |
| Q1 2025 | -2.0% | -2.6% | -4.0% | |
| Q4 2024 | +3.3% | +2.9% | -5.9% | |
| Q3 2024 | +5.4% | +7.8% | +9.6% | |
| Q2 2024 | -0.6% | +2.8% | +4.1% | |
| Q1 2024 | -2.8% | -0.9% | -1.0% | |
| Q4 2023 | +7.9% | +3.2% | +6.4% | |
| Q3 2023 | -2.8% | -3.6% | +15.3% | |
| Q2 2023 | -5.4% | -3.2% | -11.5% | |
| Q1 2023 | +4.9% | +5.6% | +7.9% | |
| Q4 2022 | +0.6% | -0.4% | -1.3% | |
| Q3 2022 | -4.0% | -2.6% | +8.6% | |
| Q2 2022 | +4.8% | +6.1% | -3.0% | |
| Q1 2022 | -1.5% | -1.3% | +4.3% | |
| Q4 2021 | +4.2% | -0.5% | +4.4% | |
| Q3 2021 | +11.5% | +14.4% | +16.5% | |
| Q2 2021 | +6.3% | +8.3% | +13.2% | |
| Q1 2021 | -4.8% | -3.8% | -9.7% | |
| Q4 2020 | -0.5% | -3.0% | -3.2% | |
| Q3 2020 | -3.4% | -3.8% | +11.7% | |
| Q2 2020 | -5.3% | -6.5% | -1.9% | |
| Q1 2020 | -0.5% | +8.9% | +48.4% | |
| Q4 2019 | -0.5% | -1.3% | -18.5% | |
| Q3 2019 | -5.1% | -8.6% | -12.1% | |
| Q2 2019 | +2.1% | -1.2% | +6.4% | |
| Q1 2019 | +9.8% | +6.9% | +3.2% | |
| Q4 2018 | -6.4% | -8.4% | -10.5% | |
| Q3 2018 | +2.7% | +4.4% | +6.9% | |
| Q2 2018 | -0.9% | -0.6% | -0.4% | |
| Q1 2018 | -6.0% | -5.6% | -10.0% | |
| Q4 2017 | -1.2% | -2.3% | -2.2% | |
| Q3 2017 | -3.3% | -2.9% | -1.0% | |
| Q2 2017 | -3.7% | -3.7% | -12.3% | |
| Q1 2017 | +2.6% | +2.2% | +5.1% | |
| Q4 2016 | -8.9% | +0.1% | +9.2% | |
| Q3 2016 | +6.2% | +9.5% | +17.3% | |
| Q2 2016 | +5.6% | +8.9% | +10.8% | |
| Q1 2016 | -3.8% | — | — | |
| Q4 2015 | +3.7% | — | — | |
| Q3 2015 | -6.3% | — | — | |
| Q2 2015 | +5.4% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | -2.8% | — | — | |
| Q3 2014 | +6.3% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | +8.1% | — | — | |
| Q3 2013 | -2.0% | — | — | |
| Q2 2013 | -8.8% | — | — | |
| Q1 2013 | -5.4% | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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