NVR Q1 net income falls 19% to $344.4M; EPS $99.89 vs $116.56; revenue down 8%

NVR INC

2023-Q1 EPS reported $99.89 revenue$2,178,277,000

Net income $344.4M ($99.89 diluted EPS) vs $426.1M ($116.56) in Q1 2022, down 19% and 14% respectively.
Consolidated revenue $2.18B, down 8% from $2.38B; homebuilding settlements fell 11% to 4,639 units, average price up 4% to $459,400.
Homebuilding gross margin contracted to 24.6% from 28.5%; segment income before tax down 22% to $405.8M.
New orders down 1% to 5,888 units; cancellation rate rose to 14% from 10%; backlog fell 23% in units (10,411) and dollars ($4.79B).
Mortgage banking income before tax $28.1M, down 43% from $49.1M, driven by lower secondary marketing gains on loan sales.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NVR INC reported the first quarter ended March 31, 2023 results: revenue $2.18 billion, net income $344.4 million, EPS $99.89 per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $2.18 billion
Net income: $344.4 million
EPS: $99.89 per diluted share
Result: reported results

Exact text from the filing

NVR, Inc. (NYSE: NVR) , one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2023 of $344.4 million, or $99.89 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2023 decreased 19% and 14%, respectively, when compared to 2022 first quarter net income of $426.1 million, or $116.56 per diluted share. Consolidated revenues for the first quarter of 2023 totaled $2.18 billion, which decreased 8% from $2.38 billion in the first quarter of 2022.

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Source: SEC EDGAR

accession 0000906163-23-000038

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