Taylor Morrison Home Corporation (TMHC) has reported 68.44 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $11.48 million, or $0.30 a share in the quarter, compared with $6.81 million, or $0.21 a share for the same period last year. Revenue during the quarter grew 19.18 percent to $769.09 million from $645.33 million in the previous year period.
Cost of revenue rose 19.12 percent or $100.71 million during the quarter to $627.40 million. Gross margin for the quarter expanded 4 basis points over the previous year period to 18.42 percent.
However, the adjusted EBITDA for the quarter stood at $78.76 million compared with $59.13 million in the prior year period. At the same time, adjusted EBITDA margin improved 108 basis points in the quarter to 10.24 percent from 9.16 percent in the last year period.
Revenue from real estate activities during the quarter increased 19.18 percent or $123.76 million to $769.09 million.
"Im extremely pleased with our impressive results for the first quarter of 2017,” said Sheryl Palmer, president and chief executive officer of Taylor Morrison. “We met or exceeded all metrics that we guided for in the first quarter, and are particularly delighted with our net sales orders. We totaled 2,425 net sales orders representing a year-over-year increase of 33% and a two-year growth rate of 40%. Weve also seen a significant increase in our sales per outlet with our first quarter coming in at 2.7, a 35% increase year-over-year. When thinking about whats on the horizon, April is really shaping up to be another strong month for us with a sales pace expected to be near three sales per community per month compared to a pace of 2.3 for the same time frame last year."
Real estate inventory stood at $3,063.70 million as on Mar. 31, 2017. Net receivables were at $100.77 million as on Mar. 31, 2017, down 20.28 percent or $25.63 million from year-ago. Accounts payable declined 11.93 percent or $18.48 million to $136.41 million on Mar. 31, 2017.
Investments stood at $109.08 million as on Mar. 31, 2017.
Total assets went down marginally by 2.38 percent or $101.25 million to $4,148.74 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,951.02 million as on Mar. 31, 2017, down 13.44 percent or $302.98 million from year-ago.
Return on assets moved up 24 basis points to 0.86 percent in the quarter. At the same time, return on equity moved down 77 basis points to 0.52 percent in the quarter.
Debt comes downTotal debt was at $1,463.54 million as on Mar. 31, 2017, down 18.11 percent or $323.76 million from year-ago. Shareholders equity stood at $2,197.72 million as on Mar. 31, 2017, up 315.57 percent or $1,668.88 million from year-ago. As a result, debt to equity ratio went down 271 basis points to 0.67 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
