NVR reports surge in sales, profit
THE TAKE: Homebuilding and mortgage banking company NVR Inc. reported a surge in profit and revenues during the third quarter. Settlements at the Reston-based company increased 26 percent to 3,342 units, but the company reported that the cancellation rate from potential buyers had increased to 19 percent, from 17 percent during the same quarter last year. The company also reported that new orders fell in the third quarter to 2,381 units when compared to 2,558 units in the third quarter of 2012.
Revenue: Quarterly revenues increased 28 percent to $1.19 billion, compared with $871 million during the same period last year.
Profit: Net income during the third quarter rose 56.5 percent to $82.9 million, or $18.08 per share, compared with $53 million, or $10.60 per share, during the third quarter of 2012.