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Nvr, Inc. Announces Third Quarter Results

The following excerpt is from the company's SEC filing.

NVR, Inc.

(NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2015 of $116,470,000, or $27.11 per diluted share. Net income and diluted earnings per share for the third quarter ended September 30, 2015 increased 29% and 31%, respectively, when compared to the 2014 third quarter. Consolidated revenues for the third quarter of 2015 totaled $1,402,351,000, a 17% increase from $1,203,166,000 for the comparable 2014 quarter.

For the nine months ended Septembe r 30, 2015, consolidated revenues were $3,603,733,000, 16% higher than the $3,116,530,000 reported for the same period of 2014. Net income for the nine months ended September 30, 2015 was $248,923,000, an increase of 37% when compared to the nine months ended September 30, 2014. Diluted earnings per share for the nine months ended September 30, 2015 was $58.32, an increase of 44% from $40.59 per diluted share for the comparable period of 2014.

Homebuilding

New orders in the third quarter of 2015 increased 11% to 3,258 units, when compared to 2,936 units in the third quarter of 2014. The average sales price of new orders in the third quarter of 2015 was $378,900, an increase of 1% when compared with the third quarter of 2014. Settlements increased in the third quarter of 2015 to 3,607 units, 11% higher than the third quarter of 2014. The Company's backlog of homes sold but not settled as of September 30, 2015 increased 15% on both a unit and dollar basis to 7,139 units and $2,716,947,000 when compared to September 30, 2014.

Homebuilding revenues for the three months ended September 30, 2015 totaled $1,374,467,000, 16% higher than the year earlier period. Gross profit margin was 19.1% in the 2015 third quarter, which was flat when compared to the same period in 2014. Income before tax from the homebuilding segment totaled $168,874,000 in the third quarter of 2015, an increase of 24% when compared to the third quarter of 2014.

Mortgage Banking

Mortgage closed loan production of $951,872,000 for the three months ended September 30, 2015 increased by 19% when compared to the three months ended September 30, 2014. Operating income for the mortgage banking operations during the third quarter of 2015 was $16,122,000, compared to $7,280,000 reported for the third quarter of 2014. Operating income was favorably impacted by improved leveraging of general and administrative expenses.

About NVR

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes trade names...


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