NVR Q3 Profit Beats View, But Revenues Miss - Quick Facts

(RTTNews) - NVR, Inc. (NVR), a homebuilding and mortgage banking company, said its profit for the third quarter rose 29 percent from last year on double-digit growth in revenues. Earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates.

New orders in the quarter grew 11 percent from last year to 3,258 units, while the average sales price of new orders rose 1 percent to $378,900. The company's backlog of homes sold, but not settled as at quarter-end increased 15 percent on both a unit and dollar basis to 7,139 units and $2.72 billion when compared to the year-ago period.

The company's net income for the third quarter was $116.47 million or $27.11 per share, up from $90.15 million or $20.70 per share in the same period last year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $26.64 for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues for the quarter rose 17 percent to $1.40 billion from $1.20 billion in the prior-year quarter. Analysts expected revenue of $1.42 billion for the quarter.

Homebuilding revenues increased 15 percent from last year to $1.37 billion.