NVR Inc., Reston, Va. (NYSE:NVR) early Thursday reported a profit of $71.2 million for the second quarter ended June 30, of $71.3 million ($11.13 per diluted share), an increase of 72% over last year's second quarter, beating handily the consensus Wall Street estimate of $8.62.

Revenues for the quarter totaled $964.5 million, a 54% increase from the comparable 2009 quarter.

NVR was the first public builder to report this earnings season, and although the company neither provides earnings commentary nor guidance to investors, the news, along with a general updraft in the markets, appeared to touch off a small rally in the builder stocks pre-open. NVR shares were up 2.6% at $650.18 in early trading on the NYSE.

Closings skyrocketed 63% from last year's quarter to 3,345 units as buyers got in under the June 30 deadline for qualification for the home-buyer tax credit. The average settlement price fell 5.2% to $283,000.

New orders decreased 6% from last year's second quarter to 2,559 units this quarter. The average new-order price, however, increased 5% to $309,600.

Backlog was down 16% to 3,766 units and backlog value down 11% to $1.19 billion when compared to the same period last year. The average backlog price also increased, from $296,200 last year to $315,300 at quarter's end 2010.

Community count increased to 373 from 356 at the same time last year. Lot count also increased, from 44,300 at June's end, 2009 to 47,500 at the close of this year's quarter.

Home building revenues totaled $947 million, 55% ahead of the year-earlier period. Gross profit margins decreased to 18.5% in the 2010 second quarter compared to 19.3% for the same period in 2009. SG&A was up 26.3% to$69.1 million.

NVR's mortgage unit reported closed loan production of $706.6 million, 45% higher than the same period last year. The capture rate fell from 92% to 90%, year-over-year. Operating income for mortgage banking operations during the quarter increased 68% to $11.7 million.

For the six months ended June 30, revenues were $1.55 billion, 31% higher than the same period of 2009. Net income for the first half was $103.4 million, an increase of 74% from first half, 2009. Diluted earnings per share for the period was $16.15, up 64% from the comparable period of 2009.

During the quarter, NVR allocated $176.1 million to repurchase 261,973 shares of its common stock. It ended the quarter with $1.089 billion in cash, down from $1.249 billion at the end of last year's quarter, as well as$175 million in marketable securities, down from $219.5 million in the year-ago period. It listed no long term debt on its home building balance sheet and a note payable of $79 million in its mortgage banking unit.