logo
Share SHARE
FONT-SIZE Plus   Neg

NVR Profit Surges - Update

NVR Inc. (NVR) Thursday reported a surge in fourth-quarter profit with the homebuilder registering robust revenue growth amid a pickup in the housing market.

The company's earnings as well as revenues came in ahead of Wall Street estimates, sending its shares up nearly three percent in morning trade on the New York Stock Exchange.

Reston, Virginia-based NVR reported fourth-quarter net income of $60.6 million or $11.98 per share, compared with $33 million or $6.32 per share last year.

On average, 11 analysts polled by Thomson Reuters expected earnings of $11.08 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 27 percent to $925 million from $728.8 million a year ago. Analysts expected revenues of $905.60 million for the quarter.

Mortgage banking income for the quarter increased to $9.7 million from $6.5 million last year.

Gross profit margin for the quarter expanded to 18.3 percent from 15.4 percent in the prior year.

New orders in the quarter increased 22 percent from last year to 2,625 units. At the end of December, the company had a backlog of 4,979 units. NVR in December completed the acquisition of Heartland Homes Inc. that contributed 192 units to its backlog at the end of 2012.

NVR is trading at $1,010.46, up 2.93%, on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The bench to bedside journey of drugs is fraught with challenges. It is estimated that only 5 in 5,000 compounds that enter preclinical testing make it to human testing, and out of those 5, only 1 may pass through all the regulatory hurdles needed to reach pharmacy shelves. Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions.
comments powered by Disqus
RELATED NEWS
Trade NVR now with 
Follow RTT