![Taylor Morrison Home Corp [TMHC] reports quarterly net loss of $190.3 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FTMHC.png&w=1200&q=75)
Taylor Morrison Home Corp [TMHC] has reported a net loss of $190.3 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $1.7 billion
Based in SCOTTSDALE, Arizona, Taylor Morrison Home Corp operates in the CONSTRUCTION sector.
In the quarter ended on March 31, 2024, the company reported total revenue of $1.7 billion, compared to $1.66 billion in the same period of the previous year. This represents a slight increase in revenue.
Cost of revenue for the current quarter amounted to $1.28 billion, slightly higher than the $1.26 billion incurred in the previous year. As a result, the gross margin for the current period is $416.84 million, up from $399.57 million in the previous year.
Sales, commissions, and other marketing costs in the current quarter totaled $102.6 million, a growth from $92.76 million in the same period last year. General and administrative expenses increased marginally to $67.56 million from $66.26 million.
The company experienced a net income of $190.27 million in the current quarter, a slight decrease from $191.05 million in the previous year. Net income before allocation to non-controlling interests for the current period was $191.16 million, compared to $191.23 million in the same quarter of the previous year.
Earnings per common share for the current quarter stood at $1.79 for basic and $1.75 for diluted, whereas in the previous year, they were $1.76 and $1.74 respectively.
The weighted average number of shares of common stock for basic and diluted earnings per share decreased from 108.43 thousand and 110.05 thousand in the previous year to 106.46 thousand and 108.56 thousand in the current quarter.
In terms of revenue breakdown, home closings revenue, net, recorded total revenue of $1.64 billion, up from $1.61 billion in the previous year. Land closings revenue also witnessed an increase to $7.23 million from $4.52 million.
Financial services revenue grew to $46.96 million from $35.15 million, with total cost of revenue amounting to $25.14 million, up from $22.15 million. Amenity and other revenue slightly decreased to $9.31 million from $9.59 million, with the total cost of revenue for this segment being $9.35 million compared to $8.29 million in the previous year.
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