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NVR Profit Surges - Update

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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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Editors Pick
Amazon.com, Inc. said Thursday that its second quarter loss widened from last year, as operating expenses outpaced revenue growth amid heavy spending on new technology and contents. The company's quarterly loss per share was also wider than what analysts expected, but is quarterly sales came in line with analysts' forecast. The company also forecast an operating loss for the current quarter. After failing to sustain an initial upward move, stocks showed a lack of direction throughout much of the trading day on Thursday. The major averages eventually closed nearly unchanged, turning in a mixed performance for the second straight day. New home sales in the U.S. showed a notable decrease in the month of June, according to a report released by the Commerce Department on Thursday, with the steep drop offsetting the jump seen in the previous month.
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