SCOTTSDALE, AZ -- Taylor Morrison Home Corporation reported a profit of $40 million during the second quarter, on revenue of $701 million.
"With a focus on delivering against our four-pillar strategy and a strong step toward expanding our U.S. footprint, I am extremely pleased with our second quarter results as indications of healthy housing demand remain intact," said Taylor Morrison's President and CEO, Sheryl Palmer. "The recently announced acquisition of three prime business units of Orleans Homes marks our entrance into the highly-desired markets of Charlotte, Raleigh and Chicago, adding another 2,100 owned or controlled lots to our portfolio. We are delighted about our geographic expansion and remain committed to our strategy of responsible growth in core markets to generate the greatest returns for our shareholders."
The Company ended the quarter with homebuilding inventories of $2.9 billion and had 4,206 homes in inventory, compared to 3,595 homes at the end of the prior year quarter. Homes in inventory at the end of the quarter consisted of 2,452 sold units, 364 model homes and 1,390 inventory units, of which 294 were finished. The Company owned or controlled approximately 42,000 lots at June 30, 2015.