NVR, Inc. (NYSE:NVR) on Wednesday reported net income of $32.08 million for the first quarter of 2010 ended March 31, a 78% increase over the same period in 2009. The profit of $5.01 per share, however, missed the consensus analyst estimate for a gain of $5.68 per share, providing fresh evidence that the tax-credit fueled spring selling season, through March, may not have been as robust as many had hoped.

Shares of NVR were down 1.2% at $730.42 in early morning trading.

Still, revenues were up 6% from last year's quarter to $590.2 million and home building revenues climbed 5% to otaled $577.4 million as closings rose 8% to 1,919 homes and the average settlement price fell 2.5% to $300,800.

New orders, however, rose 21% to 2,940 units and the cancellation rate fell to 9% from 15% in both the first and fourth quarters of 2009. The average price of new orders rose 1.7% to $286,700. Community count was up one to 358, and lots under control rose 9.3% to 48,100.

Homes in backlog at quarter's end were up 19% to 4,552 units with an aggregate value of $1.34 billion, an increase of 18% from 2009's first quarter. The average backlog price declined to $294,800 at the end of the 2010 quarter from $298,500 a year earlier.

The gross margin was 18.4% for the quarter, up from 15.6% for the same period in 2009. SG&A was up marginally to $60.7 million from $59.6 million.

Income from NVR's mortgage banking operations rose 44% to $6.9 million.Closed loan production declined 2% to $418 million.

The company ended the quarter with $1.34 billion in home building cash and marketable securities of $125 million. It listed $133.4 million in senior notes and another $2.1 million in term debt on its home building balance sheet, roughly equal to the totals at quarter's end, 2009.