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.
Click here to receive FREE breaking news email alerts for NVR Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News