Taylor Morrison Home Corporation reported strong fourth quarter and full year 2024 results, surpassing its own guidance for the year. For Q4 2024, reported net income was $242 million, or $2.30 per diluted share, with adjusted net income at $278 million, or $2.64 per diluted share. Home closings revenue increased 12.0% year-over-year to $2.17 billion, driven by an 11.9% rise in homes closed to 3,571 units.
For the full year 2024, Taylor Morrison achieved 12% closings growth, exceeding its initial guidance of 4% and its 10% average growth target. Full year adjusted net income reached $931 million, or $8.72 per diluted share, on total revenue of $8.17 billion, up 10.1% from 2023. The adjusted home closings gross margin for the year was 24.5%, an increase of 50 basis points year-over-year and more than 100 basis points better than initial expectations.
The company's annualized sales pace for 2024 met its targeted range at 3.0, despite a challenging market environment. Taylor Morrison also repurchased nearly $350 million in shares, contributing to an improved return on equity of approximately 16%. This performance reflects the benefits of its diversified consumer and geographic strategy, as well as disciplined cost management.
Looking ahead to the first quarter of 2025, Taylor Morrison expects to deliver approximately 3,200 homes at an average closing price of $585,000, with a home closings gross margin around 23%. For the full year 2025, the company forecasts total deliveries between 13,500 to 14,000 homes and a home closings gross margin in the range of 23% to 24%, assuming current market conditions persist.
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