NVR income falls on mortgage business
- October 20, 2011
NVR Inc.’s income dipped 1.2 percent in the third quarter as its mortgage banking unit results fell.
Net income for the Reston-based homebuilder fell to $43.4 million, compared with $43.9 million during the same period last year.
Quarterly income at the company’s homebuilding unit grew 10.7 percent to $64.7 million, while its mortgage banking business income fell 34.2 percent to $4.3 million.
Although the company’s net income dipped, its diluted earnings per share grew to $7.98 per share, compared with $7.31 per share during the third quarter of 2010, because of a larger number of outstanding shares.
Revenues for the third quarter were $707.5 million, a 5 percent increase from $676.2 million in the same period last year.