NVR profit falls 45 percent

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Homebuilder and mortgage banking company NVR Inc. reported a 45 percent decrease in profit during the fourth quarter.

NRV said net income was $32.4 million, or $6.32 per diluted share, compared with $58.7 million, or $9.96 per diluted share, during the fourth quarter of 2010. Revenues at the company fell 9 percent to $741.3 million during the quarter from $811 million.

Gross margins for the company’s homebuilding fell to 15.4 percent during the quarter, compared with 17.6 percent during the same quarter last year. Margins fell because of lower sales prices.

The company’s mortgage banking segment also was down. Loan production was $520.9 million during the quarter, falling 13 percent from last year.

For the year, total revenues fell 13 percent to $2.66 billion and net income declined 37 percent to $129.4 million when compared to the previous year.

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