NVR Q3 revenue and net income fall
NVR•NVR•NVR•NVR•NVR reported third-quarter revenue of $2.35 billion and net income of $248.61 million, both down year over year. Gross margin fell amid higher lot costs, pricing pressure and land deposit impairments, while mortgage banking income rose 7%.
NVR reported third-quarter revenue of $2.35 billion, earnings per share of $89.45 and net income of $248.61 million. Revenue and net income declined year over year.
Gross margin fell due to higher lot costs, pricing pressure related to affordability challenges and weak consumer sentiment, and land deposit impairments. The company also reported fewer new orders, lower average sales prices and a higher cancellation rate. Mortgage banking segment income rose 7% despite lower loan production.
The company did not provide specific guidance for future quarters or full-year results in the press release.
