NVR Inc. (NVR: Quote) announced first-quarter net income of $20.12 million $3.90 per share, up from $15.17 million or $2.52 per share in the same quarter last year.
Homebuilding revenues rose to $586.20 million from $502.74 million in the year ago quarter. Consolidated revenues for the first quarter totaled $600.49 million, a 17% increase from $514.50 million for the comparable 2011 quarter.
New orders in the first quarter of 2012 increased 31% to 3,157 units, when compared to 2,403 units in the first quarter of 2011. The cancellation rate in the first quarter of 2012 was 10.3% compared to 12.3% in the first quarter of 2011 and 14.9% in the fourth quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $4.16 per share on revenues of $611.98 million for the quarter. Analysts' estimates typically exclude special items.
by RTT Staff Writer
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