SCOTTSDALE, AZ -- Taylor Morrison Home Corporation posted net income of $24.3 million during its latest quarter compared to net income of $10.3 million for the first quarter of 2012.
"We started the year in a position of strength, with a 136% increase in net income, continuing our track record of solid financial performance and adding to our trend of more than three consecutive years of profitability," said Sheryl Palmer, President and CEO. "We are pleased to demonstrate continued quarter-over-quarter improvements in key operational and financial metrics. The results we're releasing today are the manifestation of years of preparation and demonstrate the value around the Company's land strategy during the downturn. Our opportunistic land strategy continues to be conscious and calculated and the foundation of our success."
Net sales orders increased 52% to 1,681 in the first quarter of 2013 as compared to 1,106 in the first quarter of last year. Net sales orders in the Company's U.S. operations increased 68%, partially offset by a 29% sales order decline in its Canadian operations. As expected, community count increased 31% to 167 from 124 in the first quarter of last year, primarily due to our acquisition of Darling Homes based in Texas. The Company's overall monthly absorption pace increased to 3.4 net sales orders per community in the first quarter of 2013 compared to 3.0 for the first quarter of 2012.
The Company's sales order backlog of homes under contract increased 45% to 3,872 homes with a sales value of $1.4 billion at March 31, 2013 compared with 2,669 homes with a sales value of $884 million as of March 31, 2012.
The Company's U.S. backlog of homes under contract increased 109% to 2,506 homes with a sales value of $993 million at March 31, 2013 compared with 1,199 homes with a sales value of $398 million at March 31, 2012. The first quarter 2013 cancellation rate, representing cancelled sales orders divided by gross sales orders, was 11% in both the first quarter of 2012 and 2013.
Home closings revenue totaled $366.8 million in the first quarter of 2013, an increase of 66%, benefiting from a 63% increase in homes closed to 1,012 during the quarter. Gross profit margin on home closings in the first quarter of 2013 improved to 21.2%, compared to 17.6% in the first quarter of 2012. Adjusted gross profit margin on home closings in the first quarter 2013, excluding interest expense, improved 340 basis points to 23.4% compared to 20.0% for the first quarter 2012.