Earnings ·
NVR reports Q3 net income of $248.6M, down 27%, on lower homebuilding revenues
NVRNvr Inc
NVR, Inc. reported third-quarter net income of $248.6 million, or $89.45 per diluted share, a decrease of 27% from the prior-year period. Consolidated revenues fell 8% to $2.40 billion as homebuilding new orders declined 7% to 4,391 units and gross profit margins contracted to 18.3%. The company cited higher lot costs, pricing pressure, and contract land deposit impairments of approximately $24.8 million as key headwinds. Mortgage banking closed loan production decreased 10% to $1.38 billion, though segment income rose slightly. NVR operates in the homebuilding and mortgage banking industries.