RESTON, Va., April 21, 2016 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest home building and mortgage banking companies, announced net income for its first quarter ended March 31, 2016 of $65,303,000, or $15.79 per diluted share. Net income and diluted earnings per share for its first quarter ended March 31, 2016 increased 67% and 71%, respectively, when compared to the 2015 first quarter. Consolidated revenues for the first quarter of 2016 totaled $1,144,026,000, a 19% increase from $957,749,000 for the comparable 2015 quarter.

New orders in the first quarter of 2016 increased 5% to 4,137 units, when compared to 3,926 units in the first quarter of 2015. The average sales price of new orders was $375,700, which was flat when compared with the average sales price of new orders in the first quarter of 2015. The cancellation rate in the first quarter of 2016 was 15%, compared to 12% in the first quarter of 2015. Settlements increased in the first quarter of 2016 to 3,006 units, 19% higher than the first quarter of 2015. The Company's backlog of homes sold but not settled as of March 31, 2016 increased by 7% on both a unit and dollar basis to 7,360 units and to $2,818,394,000 when compared to March 31, 2015.

Home building revenues for the three months ended March 31, 2016 totaled $1,121,504,000, 19% higher than the year earlier period. Gross profit margins increased to 17.5% in the 2016 first quarter compared to 17.0% for the same period in 2015. Income before tax from the home building segment totaled $93,654,000 in the first quarter of 2016, an increase of 66% when compared to the first quarter of 2015.

Mortgage closed loan production of $753,840,000 for the three months ended March 31, 2016 increased by 18% when compared to the first quarter ended March 31, 2015. Operating income for the mortgage banking operations during the first quarter of 2016 was $9,658,000, compared to $5,779,000 reported for the first quarter of 2015.

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