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NVR Profit Surges - Update

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1/24/2013 11:24 AM ET

NVR Inc. (NVR: Quote) 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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Starbucks Corp. said Thursday after the markets closed that its second quarter profit rose 9.4% from last year, helped by higher revenue. The company's quarterly earnings per share came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. The world's largest specialty coffee retailer also raised its full year earnings outlook. Software giant Microsoft Corp. said Thursday after the markets closed that its third quarter profit fell 6.6% from last year, when results were boosted by special upgrade offer revenues. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter.
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