Breaking News
FONT-SIZE Plus   Neg
Share SHARE

NVR Profit Surges - Update

RELATED NEWS
Trade NVR now with 

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.

Register
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

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.