logo
Share SHARE
FONT-SIZE Plus   Neg

NVR Profit Surges - Update

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple will unveil its Apple Watch with a battery that may last only 2.5 to 4 hours on very active use, according to a report in 9to5mac. "People with knowledge of the Apple Watch's development have provided us with the specific performance targets Apple wants to achieve for the Apple Watch battery,... HARMAN International Industries, Inc. (HAR) announced it has signed an agreement with Symphony Technology Group to acquire Symphony Teleca, a privately-held global software services company. Check out this story for a look at some of We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015.
comments powered by Disqus
Follow RTT