Taylor Morrison reports Q1 EPS $1.75, consensus $1.60

Reports Q1 revenue $1.7B, consensus $1.64B. Net sales orders increased 29% to 3,686. “In the first quarter, our team delivered a strong start to the year, including better-than-expected sales activity, upside to our gross margin expectations, and efficient construction progress that we believe has set the stage for continued success through the remainder of the year. Supported by our diversified consumer and geographic strategy, we delivered 2,731 homes at a better-than-expected home closings gross margin of 24.0%, driving earnings per diluted share of $1.75 and 14% growth in our book value per share to $50. With consistent activity throughout the quarter, our net sales orders increased 29% year over year, driven by a monthly sales pace of 3.7 per community-putting us firmly on track to meet our annual sales pace goal in the low-three range,” said Sheryl Palmer, Taylor Morrison Chairman and CEO.