Taylor Morrison Home Corporation (TMHC) has reported a 9.14 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $19.28 million, or $0.63 a share in the quarter, compared with $17.67 million, or $0.54 a share for the same period last year.
Revenue during the quarter grew 23.38 percent to $1,196.97 million from $970.14 million in the previous year period.
Cost of revenue rose 24.39 percent or $190.99 million during the quarter to $973.94 million. Gross margin for the quarter contracted 66 basis points over the previous year period to 18.63 percent.
Operating income for the quarter was $117.65 million, compared with $100.19 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $150.77 million compared with $128.44 million in the prior year period. At the same time, adjusted EBITDA margin contracted 64 basis points in the quarter to 12.60 percent from 13.24 percent in the last year period.
"I am pleased with our organization’s performance both for the fourth quarter and the full year,” said Sheryl Palmer, president and chief executive officer of Taylor Morrison. "Our team members demonstrated great commitment to our strategic priorities while keeping our customers’ needs at the forefront.” This was proven with the recent announcement of the Company being named America’s Most Trusted Homebuilder, according to Lifestory Research, for the second year in a row. "At Taylor Morrison, we believe that relationships and trust are the foundation of our success, and I am so proud of our team for this well-deserved recognition and achievement."
Real estate inventory fell 3.50 percent or $109.57 million to $3,017.22 million on Dec. 31, 2016. Net receivables were at $115.25 million as on Dec. 31, 2016, down 4.54 percent or $5.48 million from year-ago. Accounts payable declined 10.03 percent or $15.22 million to $136.64 million on Dec. 31, 2016.
Investments stood at $233.18 million as on Dec. 31, 2016, up 15.59 percent or $31.45 million from year-ago.
Total assets went up marginally by 2.39 percent or $98.48 million to $4,220.93 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,060.72 million as on Dec. 31, 2016, down 4.14 percent or $89.05 million from year-ago.
Return on assets moved up 23 basis points to 1.80 percent in the quarter. At the same time, return on equity moved down 246 basis points to 0.89 percent in the quarter.
Debt comes down marginally
Total debt was at $1,586.53 million as on Dec. 31, 2016, down 4.91 percent or $81.89 million from year-ago. Shareholders equity stood at $2,160.20 million as on Dec. 31, 2016, up 9.51 percent or $1,875.25 million from year-ago. As a result, debt to equity ratio went down 244 basis points to 0.73 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
