secwatch.observer — SEC 8-K summary
======================================

Issuer:     NVR INC (NVR)
CIK:        0000906163
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0000906163-23-000038
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/906163/000090616323000038/0000906163-23-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/906163/000090616323000038/nvr-20230425.htm
  HTML page:      https://secwatch.observer/filing/0000906163-23-000038

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer