Tri Pointe Homes, Inc. (NYSE:TPH) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET
Company Participants
David Lee - Investor Relations
Doug Bauer - Chief Executive Officer
Glenn Keeler - Chief Financial Officer
Linda Mamet - CMO
Tom Mitchell - President & Chief Operating Officer
Conference Call Participants
Alan Ratner - Zelman & Associates
Stephen Kim - Evercore ISI
Truman Patterson - Wolfe Research
Carl Reichardt - BTIG
Joe Alesia - Deutsche Bank
Mike Dahl - RBC Capital Markets
Tyler Batory - Oppenheimer
Jay McCanless - Wedbush
Alex Barron - Housing Research Center
Operator
Ladies and gentlemen, greetings, and welcome to the Tri Pointe Homes Second Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Lee. Please go ahead.
David Lee
Good morning, and welcome to Tri Pointe Homes earnings conference call. Earlier this morning, the company released its financial results for the second quarter of 2023. Documents detailing these results, including a slide deck are available at www.tripointehomes.com through the Astros link and under the Events and Presentations tab. Before the call begins, I would like to remind everyone that certain statements made on this call, which are not historical facts, including statements concerning future financial and operating performance, are forward-looking statements that involve risks and uncertainties. A discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the company's SEC filings. Except as required by law, the company undertakes no duty to update these forward-looking statements.
Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through Tri Pointe's website and in its SEC filings. Hosting the call today are Doug Bauer, the company's Chief Executive Officer; Glenn Keeler, the company's Chief Financial Officer; Tom Mitchell, the company's Chief Operating Officer and President; and Linda Mamet, the company's Chief Marketing Officer. With that, I will now turn the call over to Doug.
Doug Bauer
Thank you, David, and good morning to everyone on today's call. During the call today, we will review operating results for the second quarter, provide a market update and discuss key strategic operating drivers. In addition, we will provide an update on our outlook for the rest of the year. We are extremely pleased with our results for the second quarter. The increased buyer demand we saw in the first part of the year was even more robust through the second quarter, resulting in absorption pace of 4.5 homes per community per month. Net new home orders were 1,912 for the quarter, which was a 41% increase over the prior year and an 18% increase sequentially from the first quarter. As a result of the strong sales success, we are raising our full year delivery guidance and we also expect gross margin expansion into the back half of the year. Glenn will give more detail on our forward-looking guidance later in the call.