NVR Q3 Profit Increases, Tops Estimates - Quick Facts

(RTTNews) - NVR Inc. (NVR), homebuilding and mortgage banking company, reported third-quarter of 2013 net income of $82.93 million or $17.67 per share, up from $53.00 million or $10.33 per share in the same quarter last year.

New orders in the third quarter of 2013 decreased 7% to 2,381 units when compared to 2,558 units in the third quarter of 2012. The cancellation rate in the third quarter of 2013 was 19% compared to 17% in the third quarter of 2012.

Mortgage closed loan production of $695.93 million for the three months ended September 30, 2013 was 17% higher than the same period last year. Operating income for the mortgage banking operations during the third quarter of 2013 increased 25% to $11.80 million, when compared to $9.48 million reported for the same period of 2012.

Quarterly revenues improved to $1.17 billion from the prior year's $854.40 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $15.26 per share and revenues of $1.12 billion for the quarter. Analysts' estimates typically exclude special items.