Taylor Morrison Home Builder Posts Better Than Expected Earnings in Q3

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Taylor Morrison Reports Strong Q3 Earnings

In a strong performance, Taylor Morrison Home, ticker symbol TMHC, has reported better-than-expected sales for the third quarter of 2024. The homebuilder Taylor Morrison posted revenues of $2.12 billion, marking a 26.6% increase year-over-year, surpassing Wall Street estimates by nearly 8%. Non-GAAP profits for Taylor Morrison also exceeded expectations, coming in at $2.37 per share, a 15.9% increase compared to analysts’ forecasts.

CEO Sheryl Palmer highlighted Taylor Morrison’s diversified strategy and impressive execution amid economic uncertainties and hurricane disruptions. Over the past five years, Taylor Morrison has achieved an annualized revenue growth of 10.5%, and this quarter’s results indicate robust future potential for Taylor Morrison, with analysts projecting a 5.7% revenue increase over the next year for Taylor Morrison.

Despite these positive results, Taylor Morrison shares dipped by 2.9% to $63.01, primarily due to a lower-than-expected backlog, which could impact future revenue for Taylor Morrison.

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HUD Grants $3M for NC Homeless Aid

The U.S. Department of Housing and Urban Development, or HUD, has announced $3 million in new grants to support people experiencing or at risk of homelessness in North Carolina, particularly in the wake of Tropical Storm Helene. This funding comes from the Rapid Unsheltered Survivor Housing, or RUSH, program, aimed at addressing immediate needs that current federal disaster relief may not cover.

Acting HUD Secretary Adrianne Todman emphasized the urgency of the situation, stating that the severe damage from the storm necessitates swift action to assist those displaced. The funds will be used for emergency shelter, rapid re-housing, and homelessness prevention services, providing critical support for families in crisis.

In addition to this funding, HUD has launched a streamlined waiver process that allows communities greater flexibility in utilizing existing grants for disaster recovery. This initiative aims to reduce administrative burdens and expedite aid to affected areas.

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Former Abercrombie CEO Mike Jeffries Arrested

Former Abercrombie & Fitch CEO Mike Jeffries has been arrested on serious charges of sex trafficking and interstate prostitution, just a year after allegations emerged that he lured over 100 men to his former Hamptons home for exploitative events disguised as modeling gigs.

Jeffries sold the luxurious Water Mill property for $28 million in 2021. This sprawling estate, which spans nearly 7 acres, includes 12,000 square feet of living space, five bedrooms, a two-story library, and a chef’s kitchen, surrounded by classic gardens and a heated pool.

Prosecutors allege that Jeffries, along with his partner Matthew Smith and a third man, operated an international sex crime enterprise, with many incidents occurring at the Hamptons residence. Accusers, including David Bradberry and Barrett Pall, have detailed harrowing experiences at events hosted by Jeffries, where they claim they were coerced into sexual acts.

Jeffries’ attorney stated that they would respond to the allegations in court, emphasizing the need for a thorough legal process. This case follows a BBC investigation that revealed a pattern of discrimination and misconduct during Jeffries’ tenure at Abercrombie, raising serious concerns about his legacy.

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