Taylor Morrison Home Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Financial Guidance for the First Quarter and Full Year of 2017
January 31, 2017 at 02:31 am IST
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Taylor Morrison Home Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenues of $1,196,967,000 against $970,144,000 a year ago. Income from continuing operations before income taxes was $117,056,000 against $100,557,000 a year ago. Net income from continuing operations was $76,111,000 or $0.63 per basic and diluted share against $64,989,000 or $0.53 per basic and diluted share a year ago. Net income available to company was $19,281,000 or $0.63 per diluted share against $17,667,000 or $0.54 per diluted share a year ago. EBITDA was $148,812,000 against $126,271,000 a year ago. Adjusted EBITDA was $150,766,000 against $128,440,000 a year ago. Adjusted net income from continuing operations available to company was $19,866,000 or $0.65 per diluted share against $17,667,000 or $0.53 per diluted share a year ago.
For the year, the company reported total revenues of $3,550,029,000 against $2,976,820,000 a year ago. Income from continuing operations before income taxes was $314,206,000 against $260,987,000 a year ago. Net income from continuing operations was $206,563,000 or $1.69 per basic and diluted share against $170,986,000 or $1.38 per basic and diluted share a year ago. Net income available to company was $52,616,000 or $1.69 per diluted share against $61,049,000 or $1.85 per diluted share a year ago. Adjusted net income from continuing operations available to company was $53,201,000 or $1.71 per diluted share against $61,049,000 or $1.38 per diluted share a year ago.
The company provided financial guidance for the first quarter and full year of 2017. For the first quarter of 2016, the company expects GAAP home closings gross margin, inclusive of capitalized interest, is expected to be about 18%.
For the year 2017, the company expects GAAP home closings gross margin, inclusive of capitalized interest, is expected to be accretive to 2016 and be in the low to mid 18% range. Land and development spend is expected to be approximately $1 billion. Effective tax rate expected to be between 34% and 35%.
Taylor Morrison Home Corporation (Taylor Morrison) is a national land developer and homebuilder in the United States. The Companyâs principal business is residential homebuilding and the development of lifestyle communities with operations across 11 states. The Company operates through four segments: East, Central, West and Financial Services. It provides an assortment of homes across a range of price points to appeal to an array of consumer groups. It designs, builds and sells single and multifamily detached and attached homes in traditionally high growth markets for entry level, move-up, and resort lifestyle buyers. It operates under various brand names, including Taylor Morrison, Darling Homes Collection by Taylor Morrison, and Esplanade. It also has a Build-to-Rent homebuilding business, which operates Yardly brand name. In addition, it develops and constructs multi-use properties consisting of commercial space, retail, and multifamily properties under the Urban Form brand name.
Taylor Morrison Home Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Financial Guidance for the First Quarter and Full Year of 2017
TAYLOR MORRISON HOME CORPORATION 
