NVR, Inc. (NYSE: NVR) on Monday reported net income for its first quarter ended March 31, 2019 of $188,406,000, or $47.64 per diluted share, up 13% and 21%, respectively, when compared to 2018 first quarter net income of $166,049,000, or $39.34 per diluted share. Analysts polled by Dow Jones were expecting a gain of $34.45 per share.
Consolidated revenues for the first quarter of 2019 totaled $1,687,011,000, a 10% increase from $1,529,414,000 in the first quarter of 2018.
New orders in the first quarter of 2019 decreased by 1% to 5,139 units, when compared to 5,174 units in the first quarter of 2018. The average sales price of new orders in the first quarter of 2019 was $367,000, a decrease of 3% when compared with the first quarter of 2018.
Settlements increased in the first quarter of 2019 to 4,493 units, which was 15% higher than the first quarter of 2018. The company's backlog of homes sold but not settled as of March 31, 2019 decreased on a unit basis by 8% to 9,011 units and decreased on a dollar basis by 9% to $3,395,132,000 when compared to March 31, 2018.
Home building revenues in the first quarter of 2019 totaled $1,643,206,000, 10% higher than the year earlier period. Gross profit margin in the first quarter of 2019 decreased to 18.5%, compared to 18.7% in the first quarter of 2018. Income before tax from the home building segment totaled $188,410,000 in the first quarter of 2019, an increase of 12% when compared to the first quarter of 2018.
Mortgage closed loan production in the first quarter of 2019 totaled $1,140,999,000, an increase of 13% when compared to the first quarter of 2018. Income before tax from the mortgage banking segment totaled $30,197,000 in the first quarter of 2019, an increase of 35% when compared to $22,428,000 in the first quarter of 2018.
