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    NVR, INC. ANNOUNCES FIRST QUARTER RESULTS

    4/22/25 9:00:00 AM ET
    $NVR
    Homebuilding
    Consumer Discretionary
    Get the next $NVR alert in real time by email

    RESTON, Va., April 22, 2025 /PRNewswire/ -- NVR, Inc. (NYSE:NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2025 of $299.6 million, or $94.83 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2025 decreased 24% and 19%, respectively, when compared to 2024 first quarter net income of $394.3 million, or $116.41 per diluted share. Consolidated revenues for the first quarter of 2025 totaled $2.40 billion, which increased 3% from $2.33 billion in the first quarter of 2024. 

    Homebuilding

    New orders in the first quarter of 2025 decreased by 12% to 5,345 units, when compared to 6,049 units in the first quarter of 2024. The average sales price of new orders in the first quarter of 2025 was $448,500, a decrease of 1% when compared with the first quarter of 2024. The cancellation rate in the first quarter of 2025 was 16% compared to 13% in the first quarter of 2024. Settlements in the first quarter of 2025 increased by 1% to 5,133 units, compared to 5,089 units in the first quarter of 2024. The average settlement price in the first quarter of 2025 was $457,900, an increase of 2% from the first quarter of 2024. Our backlog of homes sold but not settled as of March 31, 2025 decreased on a unit basis by 9% to 10,165 units and decreased on a dollar basis by 7% to $4.84 billion when compared to the respective backlog unit and dollar balances as of March 31, 2024.

    Homebuilding revenues of $2.35 billion in the first quarter of 2025 increased by 3% compared to homebuilding revenues of $2.29 billion in the first quarter of 2024. Gross profit margin in the first quarter of 2025 decreased to 21.9%, compared to 24.5% in the first quarter of 2024. Gross profit margin was negatively impacted by higher lot costs and pricing pressure due to continued affordability challenges. Income before tax from the homebuilding segment totaled $369.5 million in the first quarter of 2025, a decrease of 16% when compared to the first quarter of 2024.

    Mortgage Banking

    Mortgage closed loan production in the first quarter of 2025 totaled $1.43 billion, an increase of 4% when compared to the first quarter of 2024. Income before tax from the mortgage banking segment totaled $32.5 million in the first quarter of 2025, an increase of 12% when compared to $29.0 million in the first quarter of 2024. 

    Effective Tax Rate

    Our effective tax rate for the three months ended March 31, 2025 was 25.5% compared to 16.2% for the three months ended March 31, 2024. The increase in the effective tax rate in the first quarter of 2025 is primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $2.7 million and $43.8 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

    About NVR

    NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

    Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should" or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.

    NVR, Inc.

    Consolidated Statements of Income

    (in thousands, except per share data)

    (unaudited)













    Three Months Ended March 31,







    2025



    2024















    Homebuilding:











    Revenues



    $          2,350,445



    $          2,286,177



    Other income



    26,712



    40,866



    Cost of sales



    (1,835,375)



    (1,726,213)



    Selling, general and administrative



    (165,117)



    (152,503)



    Operating income



    376,665



    448,327



    Interest expense



    (7,181)



    (6,649)



    Homebuilding income



    369,484



    441,678















    Mortgage Banking:











    Mortgage banking fees



    52,587



    47,286



    Interest income



    3,806



    4,092



    Other income



    1,093



    1,171



    General and administrative



    (24,693)



    (23,358)



    Interest expense



    (273)



    (177)



    Mortgage banking income



    32,520



    29,014















    Income before taxes



    402,004



    470,692



    Income tax expense



    (102,428)



    (76,423)















    Net income



    $              299,576



    $              394,269















    Basic earnings per share



    $                100.41



    $                123.76















    Diluted earnings per share



    $                  94.83



    $                116.41















    Basic weighted average shares outstanding



    2,984



    3,186















    Diluted weighted average shares outstanding



    3,159



    3,387



     

    NVR, Inc.

    Consolidated Balance Sheets

    (in thousands, except share and per share data)

    (unaudited)















    March 31, 2025



    December 31, 2024

    ASSETS









    Homebuilding:









    Cash and cash equivalents



    $              2,176,902



    $              2,561,339

    Restricted cash



    64,264



    42,172

    Receivables



    36,543



    32,622

    Inventory:









    Lots and housing units, covered under sales agreements with customers



    1,774,287



    1,727,243

    Unsold lots and housing units



    242,217



    237,177

    Land under development



    70,050



    65,394

    Building materials and other



    23,818



    28,893





    2,110,372



    2,058,707











    Contract land deposits, net



    757,197



    726,675

    Property, plant and equipment, net



    98,038



    95,619

    Operating lease right-of-use assets



    84,791



    78,340

    Reorganization value in excess of amounts allocable to identifiable assets, net



    41,580



    41,580

    Other assets



    264,138



    251,178





    5,633,825



    5,888,232

    Mortgage Banking:









    Cash and cash equivalents



    34,204



    49,636

    Restricted cash



    12,540



    11,520

    Mortgage loans held for sale, net



    391,914



    355,209

    Property and equipment, net



    7,286



    7,373

    Operating lease right-of-use assets



    22,686



    23,482

    Reorganization value in excess of amounts allocable to identifiable assets, net



    7,347



    7,347

    Other assets



    85,731



    38,189





    561,708



    492,756

    Total assets



    $              6,195,533



    $              6,380,988











     

    NVR, Inc.

    Consolidated Balance Sheets (Continued)

    (in thousands, except share and per share data)

    (unaudited)















    March 31, 2025



    December 31, 2024

    LIABILITIES AND SHAREHOLDERS' EQUITY









    Homebuilding:









    Accounts payable



    $                  364,929



    $                  332,772

    Accrued expenses and other liabilities



    455,369



    441,300

    Customer deposits



    315,746



    322,926

    Operating lease liabilities



    90,489



    83,939

    Senior notes



    910,633



    911,118





    2,137,166



    2,092,055

    Mortgage Banking:









    Accounts payable and other liabilities



    79,009



    53,433

    Operating lease liabilities



    24,694



    25,428





    103,703



    78,861

    Total liabilities



    2,240,869



    2,170,916











    Commitments and contingencies



















    Shareholders' equity:









    Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares

    issued as of both March 31, 2025 and December 31, 2024



    206



    206

    Additional paid-in capital



    3,057,037



    3,031,637

    Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of

    both March 31, 2025 and December 31, 2024



    (16,710)



    (16,710)

    Deferred compensation liability



    16,710



    16,710

    Retained earnings



    15,346,529



    15,046,953

    Less treasury stock at cost – 17,610,715 and 17,543,686 shares as of March 31,

    2025 and December 31, 2024, respectively



    (14,449,108)



    (13,868,724)

    Total shareholders' equity



    3,954,664



    4,210,072

    Total liabilities and shareholders' equity



    $              6,195,533



    $              6,380,988











     

    NVR, Inc.

    Operating Activity

    (dollars in thousands)

    (unaudited)

























    Three Months Ended March 31,







    2025



    2024







    Units



    Average

    Price



    Units



    Average

    Price



    New orders, net of cancellations:



















    Mid Atlantic (1)



    1,866



    $         514.5



    2,282



    $         515.4



    North East (2)



    377



    $         695.0



    527



    $         612.6



    Mid East (3)



    1,098



    $         419.9



    1,263



    $         409.9



    South East (4)



    2,004



    $         356.3



    1,977



    $         369.9



    Total



    5,345



    $         448.5



    6,049



    $         454.3















































    Three Months Ended March 31,







    2025



    2024







    Units



    Average

    Price



    Units



    Average

    Price



    Settlements:



















    Mid Atlantic (1)



    2,050



    $         527.9



    1,966



    $         517.5



    North East (2)



    471



    $         613.2



    463



    $         552.2



    Mid East (3)



    1,013



    $         407.1



    1,049



    $         397.5



    South East (4)



    1,599



    $         354.6



    1,611



    $         370.0



    Total



    5,133



    $         457.9



    5,089



    $         449.2















































    As of March 31,







    2025



    2024







    Units



    Average

    Price



    Units



    Average

    Price



    Backlog:



















    Mid Atlantic (1)



    3,884



    $         535.7



    4,410



    $         521.0



    North East (2)



    961



    $         694.4



    1,092



    $         628.2



    Mid East (3)



    2,130



    $         422.6



    2,190



    $         417.7



    South East (4)



    3,190



    $         372.9



    3,497



    $         377.5



    Total



    10,165



    $         475.9



    11,189



    $         466.4























     

    NVR, Inc.

    Operating Activity (Continued)

    (dollars in thousands)

    (unaudited)

















    Three Months Ended March 31,







    2025



    2024



    Average active communities:











    Mid Atlantic (1)



    120



    157



    North East (2)



    24



    34



    Mid East (3)



    93



    100



    South East (4)



    164



    136



    Total



    401



    427































    Three Months Ended March 31,







    2025



    2024



    Homebuilding data:











    New order cancellation rate



    16 %



    13 %



    Lots controlled at end of period



    167,600



    143,200















    Mortgage banking data:











    Loan closings



    $         1,432,922



    $         1,378,009



    Capture rate



    86 %



    86 %















    Common stock information:











    Shares outstanding at end of period



    2,944,615



    3,167,625



    Number of shares repurchased



    77,120



    66,858



    Aggregate cost of shares repurchased



    $            583,394



    $            496,936







    (1)

    Maryland, Virginia, West Virginia, Delaware and Washington, D.C.

    (2)

    New Jersey and Eastern Pennsylvania

    (3)

    New York, Ohio, Western Pennsylvania, Indiana and Illinois

    (4)

    North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

     

    Cision View original content:https://www.prnewswire.com/news-releases/nvr-inc-announces-first-quarter-results-302433748.html

    SOURCE NVR, INC.

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