NVR’s quarterly profit drops 60 percent
- October 21, 2008
Homebuilder NVR Inc. reported a 60 percent drop in profit for its third quarter amid the housing turmoil.
The Reston-based company said its earnings fell to $36.6 million during the third quarter, compared with $91.1 million during the same period last year. Revenues decreased 27 percent to $939.2 million during the quarter, compared with $1.3 billion last year.
The company said its earnings were hurt by frozen lending markets, a high inventory of new and existing homes, and declining homebuyer confidence. New home orders fell 25 percent to 2,002 units, compared with a year ago. The company’s mortgage banking segment’s loan production decreased 23 percent.