NVR Q3 net income falls 27% to $248.6M; gross margin drops to 18.3%

NVR INC

Q3 net income $248.6M, or $89.45 per diluted share, down 27% and 20% YoY; revenue fell to $2.40B from $2.61B.
New orders fell 7% to 4,391 units; average new-order price dropped 5% to $442,100 and cancellation rate rose to 21% from 19%.
Settlements fell 7% to 5,268; average settlement price $445,900, down 2%; homebuilding revenue $2.35B, down 8%.
Gross margin narrowed to 18.3% from 21.0% on higher lot costs, affordability pressure and ~$24.8M contract land deposit impairments.
Backlog rose 10% to 10,121 units ($4.59B, +4%); mortgage closed-loan production fell 10% to $1.38B, but segment pretax income rose 7% to $35.0M.

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