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Sep 30, 2021
NVR Q3 2021 Earnings Report
Announced third quarter results with increased net income and revenue.
Key Takeaways
NVR, Inc. reported a strong third quarter with a 20% increase in consolidated revenues and a 29% increase in net income compared to the same quarter of the previous year. The homebuilding segment drove the revenue growth, while the mortgage banking segment experienced a decrease in income before tax due to lower secondary marketing gains.
Net income increased by 29% to $332.1 million, or $86.44 per diluted share.
Consolidated revenues increased by 20% to $2.40 billion.
Homebuilding revenues increased by 22% to $2.34 billion, with a gross profit margin increase to 22.2%.
New orders in the homebuilding segment decreased by 22% to 5,201 units, but the average sales price increased by 15% to $442,000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company acknowledged the ongoing impact of the COVID-19 pandemic on its business, emphasizing its commitment to the safety and well-being of its employees, customers, and trade partners. Despite strong current demand for new homes, uncertainty remains regarding potential disruptions from COVID-19 and related governmental actions.
Positive Outlook
- Strong current demand for new homes.
- Focus on safety and well-being of stakeholders.
- Adherence to CDC and local health guidelines.
- Operational adjustments to minimize disruption.
- Proactive management of business challenges.
Challenges Ahead
- Uncertainty regarding the extent and timing of COVID-19 related disruptions.
- Potential impact of economic relief efforts on the U.S. economy.
- Possible effects on unemployment and consumer confidence.
- Potential impact on demand for new homes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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