NVR Q2 Earnings Slides

(RTTNews) - NVR, Inc. (NVR) Tuesday announced a decline in second-quarter earnings to lower revenues compared to the prior year.

The homebuilding and mortgage banking company reported earnings of $404.03 million from $433.31 million in the prior year. On a per-share basis, earnings were $116.54, down 6 percent from $123.65 a year ago.

On average, 7 analysts polled by Thomson Reuters expected the company to earn $100.33. Analysts estimates usually exclude special items.

Revenue for the quarter declined 12 percent to $2.283 billion from $2.610 billion a year ago. Wall Street expected $2.35 billion.

NVR said its second-quarter earnings increased by 27 percent to 5,905 units, compared to 4,663 units in the second quarter of 2022. The average sales price of new orders declined 5 percent in the second quarter to $447,300, compared to last year.