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NVR, Inc. (NYSE: NVR) is a leading homebuilding and mortgage banking company in the United States, operating in 36 metropolitan areas across 16 states and Washington, D.C. With a rich history spanning over 65 years, NVR has built a reputation for stability, responsibility, and quality. The company operates under several well-known brand names, including Ryan Homes, NVHomes, Foxridge Homes, and Heartland Homes, and has constructed more than 365,000 homes to date.
NVR's homebuilding segment focuses on the construction and sale of single-family detached homes, townhomes, and condominiums. The company is organized into four geographic areas: Mid-Atlantic, Northeast, Midwest, and Southeast. Known for its market dominance, NVR is the leading homebuilder in each of its markets, providing a variety of housing options to meet the needs of first-time buyers, move-up buyers, and luxury homebuyers.
In addition to its homebuilding operations, NVR also operates a mortgage banking segment through NVR Mortgage. This subsidiary primarily serves NVR homebuyers, offering a range of mortgage products to facilitate home ownership. NVR Settlement Services complements these efforts by providing comprehensive settlement and title services, ensuring a smooth homebuying process.
Financially, NVR has demonstrated strong performance. In the third quarter of 2023, NVR reported net income of $433.2 million, or $125.26 per diluted share, reflecting a 6% increase in diluted earnings per share compared to the same period in 2022. However, consolidated revenues for the third quarter of 2023 totaled $2.57 billion, a 7% decrease from the previous year. Despite this, the company continues to focus on maximizing shareholder value, as evidenced by its ongoing stock repurchase program.
Looking ahead, NVR remains committed to growth and innovation. The company recently announced a partnership with La Cité Development to add 180 units of single-family homes to the Center\West redevelopment project in West Baltimore. This mixed-income development aims to provide essential homeownership opportunities and contribute to the ongoing transformation of the Poppleton neighborhood.
For more information about NVR, Inc. and its brands, visit www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com, and www.heartlandluxuryhomes.com.
NVR, Inc. (NYSE: NVR) reported its Q2 2024 financial results, showing mixed performance. Net income slightly decreased by 1% to $400.9 million, while diluted EPS increased by 4% to $120.69. Consolidated revenues grew 12% to $2.61 billion. For the first half of 2024, net income rose 6% to $795.2 million, with diluted EPS up 9% to $237.05.
In the homebuilding segment, new orders increased 3% to 6,067 units, with an average sales price of $458,800. Settlements grew 11% to 5,659 units. The backlog increased 3% in units and 6% in dollar value. Homebuilding revenues rose 12% to $2.55 billion, though gross profit margin decreased to 23.6%.
The mortgage banking segment saw closed loan production increase 11% to $1.53 billion, with income before tax up 23% to $45.0 million.
NVR, Inc. announced a $750 million share repurchase authorization without expiration date. The repurchase program aims to maximize shareholder value and prohibits purchasing from specific entities. NVR has 3,133,092 shares outstanding as of May 6, 2024.
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