Wed, Feb. 4, 7:47 AM
- Q4 home closings of 1,967 up 35% Y/Y, with ASP of $491K up 16%. Home closings revenue of $966M up 56%. Adjusted home closings margins of 22% down 310 basis points.
- Net sales orders of 1,295 up 24%.
- Backlogs up 4% in units and 11% in value.
- Cancellations as a percentage of gross sales orders of 15.4%, 600 basis points better than last year.
- Mortgage operations gross profit of $16M on revenue of $35M.
- Outlook: 2015 home closings to be up slightly from 2014, with margins of about 22%.
- Earnings call at 8:30 ET
- Previously: Taylor Morrison beats by $0.01, misses on revenue (Feb. 4)
- TMHC flat premarket
Wed, Feb. 4, 7:07 AM
Tue, Feb. 3, 5:30 PM
Tue, Jan. 20, 9:43 AM
- Hovnanian (HOV -5%), M/I Homes (MHO -3.1%), and Taylor Morrison (TMHC -4.3%) are all cut at JMP Securities, with MHO and TMHC now Market Performs, and HOV now Underperform.
- Credit Suisse, meanwhile, also cuts Taylor Morrison. Alongside, the team downgrades Ryland Group (RYL -3.2%), Meritage Homes (MTH -3.4%), and PulteGroup (PHM -3.3%) to Underperform, noting margin declines (see KB Home and Lennar earnings) and a slowdown in Texas thanks to oil's plunge.
- There's one upgrade, and that's NVR (NVR), which is boosted to Neutral from Underperform at Credit Suisse.
- ETFs: ITB, XHB
- Previously: KB Home: "Work to be done" to meet goals; -12.6% (Jan. 13)
- Previously: Lennar leads homebuilders lower after earnings (Jan. 15)
Dec. 31, 2014, 3:18 PM
- "We maintain our long-term view that companies with attractive geographic exposures should be outperformers combined with strong capital allocation and timing of land purchases," says analyst Eli Hackel, reiterating Lennar (LEN +1.6%) as a Conviction Buy, while also noting the recent strong momentum for KB Home (NYSE:KBH), Meritage (NYSE:MTH), and Taylor Morrison (NYSE:TMHC).
- While recent housing industry data has turned softer, long-term trends are intact, says Hackel, who - so far - sees little sign lower oil prices are impacting housing in Houston.
Dec. 17, 2014, 9:45 AM
- The sale of its Canadian operations should allow Taylor Morrison (TMHC +3.8%) to invest the proceeds into its core markets and maybe make an acquisition, says JMP Securities, which keeps its Outperform rating.
- Evercore ISI upgrades to Buy with $21 price target.
- Previously: Taylor Morrison selling Canadian operation (Dec. 16, 2014)
Dec. 16, 2014, 9:10 AM| Comment!
Nov. 18, 2014, 3:56 PM
- The IPO market remains hot - 344 companies have filed to go public so far this year, the most in a decade - but not so for homebuilders. After eight builders raised $1.77B issuing new shares in 2013 and 2014's first half - the first IPOs since 2004 - the momentum has faded as the pace of new home sales remains sluggish.
- “The public equity market right now is not an attractive place,” says Utah-based Woodside Homes chief Joel Shine. His company filed for an IPO in March, but instead decided to raise capital from existing investors and by issuing $50M of debt. The company in H1 posted sales roughly flat with that of a year ago.
- Of the eight builder stocks gone public sine 2013, five - TPH, CCS, WLH, UCP, TMHC - now trade for less than their IPO prices, while two - NWHM, WCIC - are modestly higher. Only one - LGI Homes (NASDAQ:LGIH) - has significantly outperformed the S&P 500.
- ETFs: ITB, XHB
Nov. 5, 2014, 7:05 AM
Aug. 5, 2014, 4:31 PM
May. 7, 2014, 7:14 AM
Mar. 10, 2014, 7:44 AM
- Keep an eye on the homebuilding sector today amid a number of downgrades from two separate sell-side teams.
- KB Home (KBH) suffers a two-notch downgrade to Underperform from Bank of America, which also cuts Meritage Homes (MTH) to Underperform.
- Citi, meanwhile, removes Buy ratings at D.R. Horton (DHI), New Home Company (NWHM), and Taylor Morrison (TMHC).
- Related ETFs: XHB, ITB
Feb. 12, 2014, 7:04 AM
Feb. 12, 2014, 12:05 AM
Feb. 11, 2014, 5:30 PM
Jan. 30, 2014, 9:44 AM
- Another pair of big Q4 results from the homebuilders - today Pulte and Ryland - has the entire sector on the move. ITB +1.5%, XHB +1.1%.
- Yes, mortgage rates put a crimp in sales, but higher prices more than made up for the difference, and D.R. Horton management suggests the sales pace has picked back up in January. Pulte reported new orders off 18% from a year ago, but the value of orders barely fell. Closings in Q4 were down 4% from 2012, but revenues gained 9%.
- Taylor Morrison (TMHC +0.2%), M.D.C. Holdings (MDC +1.2%), Standard Pacific (SPF +1.4%), KB Home (KBH +3.3%), Hovanian (HOV +0.8%), Toll Brothers (TOL +0.9%)
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