NVR Q3 net income up 24% to $411M; EPS $118.51; new orders down 15%, cancellations rise to 15%

NVR INC

2022-Q3 EPS reported $358.61 revenue$7,814,252,000

Net income $411.4M ($118.51 diluted EPS) vs $332.1M ($86.44) in Q3 2021, up 37% per share.
Consolidated revenues $2.78B (+16%); homebuilding revenue $2.74B (+17%); gross margin 23.6% vs 22.2%.
New orders 4,421 units (-15% YoY); cancellation rate 15% (vs 9%); backlog units -11% to 10,758.
Mortgage banking income before tax $17.6M, down 55% from $39.0M on lower secondary marketing gains.
Nine-month diluted EPS $358.61 (+55% YoY); effective tax rate 24.3% vs 22.5%.

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