NVR Q4 Profit Rises; Results Top Estimates - Quick Facts

(RTTNews) - NVR Inc. (NVR), homebuilding and mortgage banking company, reported that net income for the fourth quarter ended December 31 2013 increased to $97.81 million or $21.15 per share from last year's $60.63 million or $11.98 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $16.26 per share. Analysts' estimates typically exclude special items.

New orders in the fourth quarter of 2013 were 2,631 units, which was flat when compared to 2,625 units in the fourth quarter of 2012. The cancellation rate in the fourth quarter of 2013 was 14% compared to 15% in the fourth quarter of 2012 and 19% in the third quarter of 2013. Settlements increased in the fourth quarter of 2013 to 3,342 units, 20% higher than the same period in 2012.

Mortgage closed loan production of $721.93 million for the latest-quarter was 12% higher than the same period in 2012.

Homebuilding revenues for the quarter totaled $1.22 billion, 32% higher than the year earlier period. Nine analysts had consensus revenue estimate of $1.13 billion for the quarter. Consolidated revenues for the fourth quarter totaled $1.24 billion, a 32% increase from $943.74 million for the comparable 2012 quarter.