NVR Inc. (NVR) on Monday reported a 74 percent surge in profit for the first quarter on higher revenue at its homebuilding and mortgage banking segments. However, earnings per share missed analysts' estimates.
omebuilding revenues for the quarter rose 28 percent from the year-ago period to $750.87 million. Mortgage banking income grew 40 percent to $11.16 million. Mortgage closed loan production for the quarter was $473.77 million, up 13 percent from the same period last year.
The company's gross profit margin increased to 16.9 percent from 16.1 percent for the prior-year period.
New orders in the quarter were 3,510 units, up 11 percent from the previous-year quarter. The cancellation rate in the quarter was 13.2 percent, compared to 10.3 percent in the year-ago period.
Settlements increased 18 percent from the year-ago period to 2,272 units. At quarter-end, the company's backlog of homes sold but not settled increased from the year-ago period on a unit basis by 27 percent to 6,217 units and on a dollar basis by 39 percent to $2.18 billion.
Reston, Virginia-based NVR's net income for the first quarter was 35.04 million or $6.84 per share, up from $20.12 million or $3.90 per share in the prior-year quarter. On average, eight analysts polled by Thomson Reuters expected the company to earn $8.05 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter grew 28 percent to $770.26 million from $600.49 million in the same period last year. Analysts had a consensus revenue estimate of $840.94 million.
In Monday's regular session, NVR is trading at $947.50, down $58.63 or 5.83 percent on a volume of 800 shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.