Tri Pointe Homes, Inc. (NYSE:TPH) Q4 2023 Earnings Conference Call February 20, 2024 10:00 AM ET
Company Participants
David Lee - Investor Relations
Douglas Bauer - Chief Executive Officer
Glenn Keeler - Chief Financial Officer
Linda Mamet - Chief Marketing Officer
Tom Mitchell - President & Chief Operating Officer
Conference Call Participants
Joe Ahlersmeyer - Deutsche Bank
Truman Patterson - Wolfe Research
Stephen Kim - Evercore ISI
Tyler Batory - Oppenheimer
Jesse Lederman - Zelman & Associates
Jay McCanless - Wedbush
Mike Dahl - RBC Capital Markets
Alex Barrón - Housing Research Center
Operator
Greetings and welcome to Tri Pointe's Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce David Lee, Investor Relations for Tri Pointe Homes. Thank you. You may begin.
David Lee
Good morning and welcome to Tri Pointe Homes' earnings conference call. Earlier this morning, the company released its financial results for the fourth quarter of 2023. Documents detailing these results including a slide deck are available at www.tripointehomes.com, through the Investors 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. The 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.
Douglas Bauer
Thank you, David and good morning to everyone on today's call. During the call, we will review operating results for the fourth quarter and the full year, provide a market update and discuss key operating objectives. In addition, we will provide our first quarter and full year outlook for 2024.
2023 proved to be another strong year for Tri Pointe Homes, capped off by a successful fourth quarter. We reached or exceeded the high end of all of our key operating metrics for the quarter, closing out the year with strong momentum. During the quarter, we delivered 1,813 homes at an average sales price of $685,000, leading to home sales revenue of $1.2 billion and diluted earnings per share of $1.36. Our key -- our gross margin for the quarter was 22.9% and our SG&A expense as a percentage of homebuilding revenue was 9.3%. We also repurchased approximately 1.8 million shares of our common stock during the fourth quarter at an average price of $27.23, for an aggregate dollar amount of $50 million.