NVR earnings reflect better housing market
THE TAKE: Homebuilder and mortgage banker NVR Inc.’s fourth-quarter results are a good reflection of the improving housing market across the country. The Reston-based company said Thursday that its fourth-quarter profit grew 87 percent when compared with last year. For the full year, consolidated revenues grew 20 percent over 2011. Both homebuilding and mortgage banking revenues grew as the company saw a 22 percent increase in units during the fourth quarter and loan production was 23 percent higher. On Dec. 31, NVR completed its acquisition of Heartland Homes Inc., which adds 192 units to the company’s backlog. The acquisition did not affect sales or settlements in 2012.
Fourth-quarter revenue: $943.7 million, a 27 percent increase over the fourth-quarter in 2011.
Full year revenue: $3.2 billion, up 20 percent over 2011.
Fourth-quarter profit: $60.6 million, compared with $32.4 million in the same period in 2011.
Full-year profit: $180.6 million, up 39.5 percent from 2011
Earnings per share: $11.98 per share for the fourth-quarter, up from $6.32 per diluted share during the fourth quarter of 2011.