[Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) NVR, Inc. experienced a decline in net income and diluted EPS for Q2 and YTD 2025, despite relatively stable or slightly increased revenues [Second Quarter 2025 Consolidated Results](index=1&type=section&id=Second%20Quarter%202025%20Consolidated%20Results) NVR, Inc. reported a decrease in net income and diluted earnings per share for the second quarter of 2025 compared to the prior year, while consolidated revenues remained relatively flat Second Quarter 2025 Consolidated Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Net Income | $333.7 Million | $400.9 Million | -17% | | Diluted EPS | $108.54 | $120.69 | -10% | | Consolidated Revenues | $2.60 Billion | $2.61 Billion | -0.4% | [Six Months Ended June 30, 2025 Consolidated Results](index=1&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Consolidated%20Results) For the first six months of 2025, NVR, Inc. experienced a slight increase in consolidated revenues but a notable decrease in net income and diluted earnings per share compared to the same period in 2024 Six Months Ended June 30, 2025 Consolidated Financial Metrics | Metric | YTD 2025 | YTD 2024 | Change (%) | | :----------------------- | :--------- | :--------- | :--------- | | Consolidated Revenues | $5.00 Billion | $4.95 Billion | +1% | | Net Income | $633.3 Million | $795.2 Million | -20% | | Diluted EPS | $203.20 | $237.05 | -14% | [Segment Performance Analysis](index=1&type=section&id=Segment%20Performance%20Analysis) This section analyzes the performance of NVR, Inc.'s homebuilding and mortgage banking segments, highlighting key operational and financial trends [Homebuilding Segment](index=1&type=section&id=Homebuilding%20Segment) The homebuilding segment saw a decrease in new orders and settlements, with backlog also declining. Revenues remained flat, but gross profit margin decreased due to higher costs and pricing pressures [Homebuilding Operational Metrics](index=1&type=section&id=Homebuilding%20Operational%20Metrics) Key operational metrics for the homebuilding segment show declines in new orders, settlements, and backlog, alongside an increased cancellation rate Homebuilding Operational Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | New Orders (units) | 5,379 | 6,067 | -11% | | Avg. Sales Price (New Orders) | $458,100 | $458,100 | Flat | | Cancellation Rate | 17% | 13% | +4 percentage points | | Settlements (units) | 5,475 | 5,659 | -3% | | Avg. Settlement Price | $465,400 | $450,200 | +3% | | Backlog (units) | 10,069 | 11,597 | -13% | | Backlog (dollar) | $4.75 Billion | $5.45 Billion | -13% | [Homebuilding Financial Performance](index=1&type=section&id=Homebuilding%20Financial%20Performance) Financial performance for the homebuilding segment indicates flat revenues but a notable decrease in gross profit margin and income before tax Homebuilding Financial Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Homebuilding Revenues | $2.55 Billion | $2.55 Billion | Flat | | Gross Profit Margin | 21.5% | 23.6% | -2.1 percentage points | | Income Before Tax | $417.5 Million | $488.5 Million | -15% | - Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to affordability challenges, and contract land deposit impairments totaling approximately **$13.2 million**[5](index=5&type=chunk) [Mortgage Banking Segment](index=1&type=section&id=Mortgage%20Banking%20Segment) The mortgage banking segment reported an increase in closed loan production but a significant decrease in income before tax, primarily due to lower secondary marketing gains Mortgage Banking Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Mortgage Closed Loan Production | $1.56 Billion | $1.53 Billion | +2% | | Income Before Tax | $29.6 Million | $45.0 Million | -34% | - The decrease in income before tax was primarily attributable to a decrease in secondary marketing gains on sales of loans[6](index=6&type=chunk) [Effective Tax Rate](index=1&type=section&id=Effective%20Tax%20Rate) This section details the changes in NVR, Inc.'s effective tax rate for the three and six months ended June 30, 2025 [Effective Tax Rate Analysis](index=1&type=section&id=Effective%20Tax%20Rate%20Analysis) NVR's effective tax rate increased for both the three and six-month periods ended June 30, 2025, mainly due to a lower income tax benefit from stock option exercises Effective Tax Rate Comparison | Period | 2025 Tax Rate | 2024 Tax Rate | Change (percentage points) | | :----------------------- | :------------ | :------------ | :------------ | | Three Months Ended June 30 | 25.4% | 24.9% | +0.5 | | Six Months Ended June 30 | 25.4% | 20.8% | +4.6 | - The increase in the effective tax rate is primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled **$3.5 million** (Q2 2025) and **$6.2 million** (YTD 2025), compared to **$6.8 million** (Q2 2024) and **$50.6 million** (YTD 2024)[7](index=7&type=chunk) [Company Overview](index=2&type=section&id=Company%20Overview) This section provides a brief overview of NVR, Inc.'s business structure, operating segments, and geographical presence [About NVR](index=2&type=section&id=About%20NVR) NVR, Inc. operates in two primary business segments: homebuilding and mortgage banking, serving multiple metropolitan areas across sixteen states and Washington, D.C. under various trade names - NVR, Inc. operates in two business segments: **homebuilding** and **mortgage banking**[8](index=8&type=chunk) - The homebuilding segment sells and builds homes under the **Ryan Homes**, **NVHomes**, and **Heartland Homes** trade names[8](index=8&type=chunk) - Homebuilding operations span **thirty-six metropolitan areas** in **sixteen states** and **Washington, D.C.**[8](index=8&type=chunk) [Forward-Looking Statements & Risk Factors](index=2&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section addresses the inherent uncertainties in forward-looking statements and outlines key risk factors that could impact NVR, Inc.'s future performance [Forward-Looking Statements Disclaimer](index=2&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section outlines the nature of forward-looking statements within the release, emphasizing that actual results may differ materially due to various known and unknown risks and uncertainties - Statements in the release may constitute 'forward-looking statements' under the **Private Securities Litigation Reform Act of 1995** and other securities acts[9](index=9&type=chunk) - Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied[9](index=9&type=chunk) - Risk factors include **general economic conditions**, **interest rate changes**, **financing access**, **increased regulation in mortgage banking**, **competition**, **availability and cost of land/materials**, **labor shortages**, and **governmental regulation**[9](index=9&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents NVR, Inc.'s unaudited consolidated statements of income and balance sheets for the specified periods [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) This section provides the unaudited consolidated statements of income for the three and six months ended June 30, 2025 and 2024, detailing revenues, costs, and income by segment Consolidated Statements of Income (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | **Homebuilding:** | | | | | | Revenues | $2,548,267 | $2,547,891 | $4,898,712 | $4,834,068 | | Other income | 25,088 | 36,184 | 51,800 | 77,050 | | Cost of sales | (1,999,983) | (1,947,616) | (3,835,358) | (3,673,829) | | Selling, general and administrative | (149,170) | (141,213) | (314,287) | (293,716) | | Interest expense | (6,685) | (6,710) | (13,866) | (13,359) | | Homebuilding income | 417,517 | 488,536 | 787,001 | 930,214 | | **Mortgage Banking:** | | | | | | Mortgage banking fees | 50,547 | 64,566 | 103,134 | 111,852 | | Interest income | 4,493 | 4,672 | 8,299 | 8,764 | | Other income | 1,301 | 1,333 | 2,394 | 2,504 | | General and administrative | (26,425) | (25,351) | (51,118) | (48,709) | | Interest expense | (300) | (188) | (573) | (365) | | Mortgage banking income | 29,616 | 45,032 | 62,136 | 74,046 | | Income before taxes | 447,133 | 533,568 | 849,137 | 1,004,260 | | Income tax expense | (113,396) | (132,664) | (215,824) | (209,087) | | Net income | $333,737 | $400,904 | $633,313 | $795,173 | | Basic earnings per share | $114.52 | $128.21 | $214.78 | $251.94 | | Diluted earnings per share | $108.54 | $120.69 | $203.20 | $237.05 | | Basic weighted average shares outstanding | 2,914 | 3,127 | 2,949 | 3,156 | | Diluted weighted average shares outstanding | 3,075 | 3,322 | 3,117 | 3,355 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section presents the unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and shareholders' equity for both homebuilding and mortgage banking segments Consolidated Balance Sheets (in thousands, except share and per share data) | (in thousands, except share and per share data) | June 30, 2025 | December 31, 2024 | | :---------------------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | **Homebuilding:** | | | | Cash and cash equivalents | $1,726,865 | $2,561,339 | | Restricted cash | 53,240 | 42,172 | | Receivables | 41,496 | 32,622 | | Inventory: | | | | Lots and housing units, covered under sales agreements with customers | 1,797,104 | 1,727,243 | | Unsold lots and housing units | 304,743 | 237,177 | | Land under development | 39,450 | 65,394 | | Building materials and other | 28,743 | 28,893 | | Total Inventory | 2,170,040 | 2,058,707 | | Contract land deposits, net | 837,845 | 726,675 | | Property, plant and equipment, net | 100,280 | 95,619 | | Operating lease right-of-use assets | 86,206 | 78,340 | | Reorganization value in excess of amounts allocable to identifiable assets, net | 41,580 | 41,580 | | Other assets | 295,858 | 251,178 | | Total Homebuilding Assets | 5,353,410 | 5,888,232 | | **Mortgage Banking:** | | |\ | Cash and cash equivalents | 39,307 | 49,636 | | Restricted cash | 10,513 | 11,520 | | Mortgage loans held for sale, net | 415,974 | 355,209 | | Property and equipment, net | 8,053 | 7,373 | | Operating lease right-of-use assets | 24,515 | 23,482 | | Reorganization value in excess of amounts allocable to identifiable assets, net | 7,347 | 7,347 | | Other assets | 80,220 | 38,189 | | Total Mortgage Banking Assets | 585,929 | 492,756 | | **Total assets** | $5,939,339 | $6,380,988 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | **Homebuilding:** | | | | Accounts payable | $367,929 | $332,772 | | Accrued expenses and other liabilities | 333,456 | 441,300 | | Customer deposits | 295,145 | 322,926 | | Operating lease liabilities | 92,160 | 83,939 | | Senior notes | 910,145 | 911,118 | | Total Homebuilding Liabilities | 1,998,835 | 2,092,055 | | **Mortgage Banking:** | | | | Accounts payable and other liabilities | 68,785 | 53,433 | | Operating lease liabilities | 26,588 | 25,428 | | Total Mortgage Banking Liabilities | 95,373 | 78,861 | | **Total liabilities** | 2,094,208 | 2,170,916 | | Commitments and contingencies | | | | **Shareholders' equity:** | | | | Common stock, $0.01 par value | 206 | 206 | | Additional paid-in capital | 3,085,904 | 3,031,637 | | Deferred compensation trust | (16,710) | (16,710) | | Deferred compensation liability | 16,710 | 16,710 | | Retained earnings | 15,680,266 | 15,046,953 | | Less treasury stock at cost | (14,921,245) | (13,868,724) | | **Total shareholders' equity** | 3,845,131 | 4,210,072 | | **Total liabilities and shareholders' equity** | $5,939,339 | $6,380,988 | [Supplemental Operating Data](index=6&type=section&id=Supplemental%20Operating%20Data) This section provides detailed supplemental operating data, including regional homebuilding activity and key company-wide metrics [Homebuilding Operating Activity by Region](index=6&type=section&id=Homebuilding%20Operating%20Activity%20by%20Region) This section provides a regional breakdown of key homebuilding operational metrics, including settlements, backlog, and new orders, for the three and six months ended June 30, 2025 and 2024 Settlements (Three Months Ended June 30) | Region | 2025 Units | 2025 Avg. Price ($K) | 2024 Units | 2024 Avg. Price ($K) | | :------------- | :--------- | :------------------- | :--------- | :------------------- | | Mid Atlantic | 2,101 | 537.2 | 2,199 | 515.5 | | North East | 474 | 651.7 | 487 | 589.8 | | Mid East | 1,082 | 415.8 | 1,075 | 403.7 | | South East | 1,818 | 363.3 | 1,898 | 365.1 | | **Total** | **5,475** | **465.4** | **5,659** | **450.2** | Settlements (Six Months Ended June 30) | Region | 2025 Units | 2025 Avg. Price ($K) | 2024 Units | 2024 Avg. Price ($K) | | :------------- | :--------- | :------------------- | :--------- | :------------------- | | Mid Atlantic | 4,151 | 532.6 | 4,165 | 516.5 | | North East | 945 | 632.5 | 950 | 571.5 | | Mid East | 2,095 | 411.6 | 2,124 | 400.6 | | South East | 3,417 | 359.2 | 3,509 | 367.3 | | **Total** | **10,608** | **461.8** | **10,748** | **449.7** | Backlog (As of June 30) | Region | 2025 Units | 2025 Avg. Price ($K) | 2024 Units | 2024 Avg. Price ($K) | | :------------- | :--------- | :------------------- | :--------- | :------------------- | | Mid Atlantic | 3,713 | 532.6 | 4,508 | 531.4 | | North East | 911 | 698.4 | 1,083 | 643.3 | | Mid East | 2,120 | 426.8 | 2,377 | 416.6 | | South East | 3,325 | 371.6 | 3,629 | 378.0 | | **Total** | **10,069** | **472.1** | **11,597** | **470.3** | New Orders, Net of Cancellations (Three Months Ended June 30) | Region | 2025 Units | 2025 Avg. Price ($K) | 2024 Units | 2024 Avg. Price ($K) | | :------------- | :--------- | :------------------- | :--------- | :------------------- | | Mid Atlantic | 1,930 | 531.3 | 2,297 | 536.2 | | North East | 424 | 655.3 | 478 | 623.4 | | Mid East | 1,072 | 424.2 | 1,262 | 403.7 | | South East | 1,953 | 361.7 | 2,030 | 366.7 | | **Total** | **5,379** | **458.1** | **6,067** | **458.8** | New Orders, Net of Cancellations (Six Months Ended June 30) | Region | 2025 Units | 2025 Avg. Price ($K) | 2024 Units | 2024 Avg. Price ($K) | | :------------- | :--------- | :------------------- | :--------- | :------------------- | | Mid Atlantic | 3,796 | 523.0 | 4,579 | 525.9 | | North East | 801 | 674.0 | 1,005 | 617.7 | | Mid East | 2,170 | 422.0 | 2,525 | 406.8 | | South East | 3,957 | 359.0 | 4,007 | 368.3 | | **Total** | **10,724** | **453.3** | **12,116** | **456.6** | [Key Operating Metrics & Stock Information](index=7&type=section&id=Key%20Operating%20Metrics%20%26%20Stock%20Information) This section provides additional operational data, including average active communities, new order cancellation rates, lots controlled, mortgage banking loan closings and capture rates, and common stock information Average Active Communities | Region | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------- | :------ | :------ | :------- | :------- | | Mid Atlantic | 120 | 153 | 120 | 155 |\ | North East | 26 | 31 | 25 | 33 | | Mid East | 94 | 101 | 93 | 100 | | South East | 186 | 148 | 175 | 142 | | **Total** | **426** | **433** | **413** | **430** | Homebuilding Data | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------- | :------ | :------ | :------- | :------- | | New order cancellation rate | 16.5% | 12.9% | 16.0% | 13.0% | | Lots controlled at end of period | N/A | N/A | 171,400 | 149,700 | Mortgage Banking Data | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------- | :---------- | :---------- | :----------- | :----------- | | Loan closings | $1,555,280 | $1,530,081 | $2,988,201 | $2,908,090 | | Capture rate | 87% | 86% | 87% | 86% | Common Stock Information | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------- | :------ | :------ | :--------- | :--------- | | Shares outstanding at end of period | N/A | N/A | 2,883,215 | 3,090,266 | | Number of shares repurchased | 65,834 | 83,168 | 142,954 | 150,026 | | Aggregate cost of shares repurchased | $471,413 | $638,976 | $1,054,807 | $1,135,912 |

Core Insights - The article compares two stocks in the Building Products - Home Builders sector: Persimmon Plc (PSMMY) and NVR (NVR) to determine which presents a better value opportunity for investors [1] Valuation Metrics - Persimmon Plc has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while NVR has a Zacks Rank of 4 (Sell) [3] - PSMMY has a forward P/E ratio of 12.45, significantly lower than NVR's forward P/E of 18.22 [5] - The PEG ratio for PSMMY is 0.82, while NVR's PEG ratio is much higher at 4.05, suggesting PSMMY is more favorably valued in terms of expected earnings growth [5] - PSMMY's P/B ratio is 1.14, compared to NVR's P/B ratio of 5.58, further indicating that PSMMY is undervalued relative to its book value [6] Investment Conclusion - Given the stronger estimate revision activity and more attractive valuation metrics, PSMMY is considered the superior option for value investors at this time [7]

Core Insights - NVR, Inc. is anticipated to report lower earnings and homebuilding revenues in Q2 2025 due to soft demand, high inventories, and margin pressures [1][10] Financial Performance - The Zacks Consensus Estimate for NVR's Q2 EPS has decreased to $106.33, reflecting an 11.9% decline from the previous year's EPS of $120.69 [3] - Revenue estimates for the quarter are set at $2.40 billion, indicating a 5.8% decrease from the year-ago figure of $2.55 billion [3][10] - In the last reported quarter, NVR's earnings and homebuilding revenues missed the Zacks Consensus Estimate by 12.1% and 1%, respectively [1] Market Conditions - The homebuilding industry is experiencing ongoing softness, with the spring 2025 selling season underperforming due to affordability issues and weakened consumer confidence [4] - High and fluctuating mortgage rates, along with economic uncertainties, have negatively impacted homebuyer activity during the peak sales period [4] Revenue and Settlement Predictions - Homebuilding revenues are expected to decline by 5.6% year-over-year to $2.4 billion, with the average selling price of settlements projected to decrease by 1.5% to $443,500 [5] - Total settlements are anticipated to drop by 4.2% to 5,422 units year-over-year [5] Cost and Margin Outlook - The company's gross margin for homebuilding is expected to decrease to 22.1%, down 150 basis points from the previous year [6][10] - Selling, general, and administrative expenses are projected to rise by 2.7% year-over-year for the homebuilding segment [6][10] Order and Backlog Trends - Total new orders are predicted to increase by 3.6% year-over-year to 6,287 units, while the backlog is expected to decline to 11,030 units from 11,597 units reported a year ago [7] - The value of the backlog is estimated to be $5.3 billion, down from $5.45 billion in the same quarter last year [7] Earnings Prediction Model - The current model does not predict an earnings beat for NVR, as it lacks the necessary combination of a positive Earnings ESP and a favorable Zacks Rank [8] - NVR has an Earnings ESP of +3.25% [9]

Wall Street expects a year-over-year decline in earnings on lower revenues when NVR (NVR) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lowe ...

Group 1 - The article highlights NVR, Inc. (NYSE: NVR) as a focus for 2025, indicating a previous assessment in December suggested the stock was at risk [2] - The Insiders Forum, managed by Bret Jensen, specializes in small and mid-cap stocks with significant insider purchases, aiming to outperform the Russell 2000 benchmark [2] Group 2 - The Insiders Forum portfolio consists of 12-25 top stocks across various sectors that are attractively valued [2]

Financial Performance - Homebuilding revenues for Q1 2025 were $2,350,445, an increase of 2.8% compared to $2,286,177 in Q1 2024[16] - Net income for Q1 2025 was $299,576, a decrease of 24.0% from $394,269 in Q1 2024[16] - Basic earnings per share for Q1 2025 were $100.41, down from $123.76 in Q1 2024, reflecting a decline of 18.9%[16] - Operating income for Q1 2025 was $376,665, a decrease of 16.0% from $448,327 in Q1 2024[16] - Total consolidated revenues for the three months ended March 31, 2025, were $2,403,032, an increase of 2.98% from $2,333,463 in 2024[56] - Consolidated profit before taxes for the three months ended March 31, 2025, was $402,004, down from $470,692 in 2024[59] Assets and Liabilities - Total assets decreased to $6,195,533 as of March 31, 2025, down from $6,380,988 at the end of 2024, a reduction of 2.9%[10] - Total liabilities increased to $2,240,869 as of March 31, 2025, compared to $2,170,916 at the end of 2024, an increase of 3.2%[13] - Total shareholders' equity decreased to $3,954,664 as of March 31, 2025, down from $4,210,072 as of December 31, 2024, a decline of 6.1%[16] - Total segment assets as of March 31, 2025, were $3,669,261, an increase from $3,502,540 as of December 31, 2024[63] Cash Flow - Cash and cash equivalents at the end of Q1 2025 were $2,287,910, down from $2,924,793 at the end of Q1 2024, a decrease of 21.8%[19] - The company reported a net cash provided by operating activities of $207,781 for Q1 2025, compared to $146,458 in Q1 2024, an increase of 41.9%[19] - Cash and cash equivalents decreased to $2,176,902 as of March 31, 2025, from $2,561,339 as of December 31, 2024[10] Mortgage Banking - Mortgage banking income increased to $32,520 in Q1 2025, up from $29,014 in Q1 2024, reflecting an increase of 8.6%[16] - Mortgage banking segment profit increased to $33,706, up 13.9% from $29,656 in the previous year[59] Investments and Commitments - As of March 31, 2025, the company controlled approximately 159,000 lots under Lot Purchase Agreements (LPAs) with total deposits of approximately $792,600 in cash and $4,600 in letters of credit[29] - The company had an aggregate investment of approximately $37,700 in four joint ventures (JVs) expected to produce approximately 6,050 finished lots as of March 31, 2025[35] - The company had additional JV funding commitments totaling approximately $12,400 as of March 31, 2025[35] Impairments and Reserves - The company incurred pre-tax impairment charges on lot deposits of approximately $8,100 for the three months ended March 31, 2025, compared to a net expense reversal of approximately $7,500 for the same period in 2024[29] - The warranty reserve decreased to $129,792 as of March 31, 2025, from $133,095 at the beginning of the period[49] - The company recognized a provision of $17,234 for warranty reserves during the three months ended March 31, 2025[49] Taxation - The effective tax rate for the three months ended March 31, 2025, was 25.5%, up from 16.2% for the same period in 2024[89] - The company recognized $2,664 in income tax benefits for the three months ended March 31, 2025, compared to $43,793 for the same period in 2024[91] Shareholder Actions - The company repurchased 77,120 shares of common stock during the three months ended March 31, 2025[46] - The weighted average number of shares outstanding used to calculate basic earnings per share (EPS) was 2,983,502 for the three months ended March 31, 2025, down from 3,185,664 in 2024[43] Credit Facilities - The company entered into a $300,000 senior unsecured revolving credit facility on March 11, 2025, extending the maturity date to March 11, 2030[80] - The company had no borrowings outstanding under the Amended Credit Agreement as of March 31, 2025[81] Lease Expenses - Operating lease expense for the three months ended March 31, 2025, was $10,316, compared to $9,347 for the same period in 2024[88] - Total lease expense for the three months ended March 31, 2025, was $20,408, compared to $17,922 for the same period in 2024, representing an increase of 8.2%[88]

Bellevue, Washington, April 23, 2025 (GLOBE NEWSWIRE) -- eufy, a global leader in home security technology and smart appliances by Anker Innovations, today announced the upcoming availability of the ProSecure System, the brand's first NVR-PoE security solution powered by integrated large AI model technology known as the "Private Local AI Agent." The advanced on-device AI technology creates an instant response to movement and activity on the user's property. "The ProSecure System is the latest example of our ...

Core Viewpoint - NVR, Inc. reported first-quarter 2025 results with earnings and Homebuilding revenues missing the Zacks Consensus Estimate, indicating challenges in the housing market despite some year-over-year revenue growth [1][3]. Homebuilding Segment - Homebuilding revenues increased by 3% year over year to $2.35 billion, but missed the consensus estimate of $2.38 billion [3][4]. - Settlements rose by 1% year over year to 5,133 units, falling short of the expected 10.2% increase [4]. - The average selling price (ASP) for settlements increased by 2% year over year to $457,900, slightly above the estimate of $454,400 [4]. - New orders decreased by 12% year over year to 5,345 units, with the ASP for new orders declining by 1% to $448,500 [5]. - The backlog decreased by 9% year over year to 10,165 homes, with a dollar value decline of 7% to $4.84 billion [6]. Financial Performance - Earnings per share (EPS) were reported at $94.83, missing the consensus estimate of $107.87 by 12.1% and down 18.5% from the prior year's $116.41 [3]. - Consolidated revenues, including Homebuilding and Mortgage Banking fees, amounted to $2.40 billion, reflecting a 3% year-over-year increase [3]. - The gross margin contracted by 260 basis points year over year to 21.9%, below the estimated 22% [5]. Mortgage Banking Operations - Mortgage banking fees increased by 11.2% year over year to $52.6 million, with closed loan production totaling $1.43 billion, up 4% year over year [7]. - The capture rate remained flat year over year at 86% [7]. Cash Position - As of March 31, 2025, NVR had cash and cash equivalents of $2.18 billion for Homebuilding and $34.2 million for Mortgage Banking, down from $2.56 billion and $49.6 million at the end of 2024 [8]. Share Repurchase - During 2024, NVR repurchased 77,120 shares for $583.4 million, with 2,944,615 shares outstanding at the end of the first quarter of 2025 [9].

Financial Performance - Net income for Q1 2025 was $299.6 million, a decrease of 24% from $394.3 million in Q1 2024[2] - Consolidated revenues for Q1 2025 totaled $2.40 billion, an increase of 3% from $2.33 billion in Q1 2024[2] - Gross profit margin in Q1 2025 decreased to 21.9%, down from 24.5% in Q1 2024[4] - The effective tax rate for Q1 2025 was 25.5%, up from 16.2% in Q1 2024[6] Orders and Settlements - New orders in Q1 2025 decreased by 12% to 5,345 units compared to 6,049 units in Q1 2024[3] - Total new orders for Q1 2025 were 5,345 units with an average price of $448.5, a decrease of 11.6% in units from 6,049 units in Q1 2024 with an average price of $454.3[21] - Settlements in Q1 2025 totaled 5,133 units at an average price of $457.9, compared to 5,089 units in Q1 2024 with an average price of $449.2, indicating a slight increase in settlements[21] - Backlog of homes sold but not settled decreased by 9% to 10,165 units, and by 7% to $4.84 billion in dollar terms compared to Q1 2024[3] - The backlog as of March 31, 2025, was 10,165 units with an average price of $475.9, down from 11,189 units in the previous year with an average price of $466.4[21] Pricing and Market Trends - The average sales price of new orders in Q1 2025 was $448,500, a decrease of 1% from Q1 2024[3] - The average price for new orders in the North East region increased to $695.0 in Q1 2025 from $612.6 in Q1 2024, reflecting a significant price appreciation in that market[21] Mortgage Banking - Mortgage closed loan production in Q1 2025 totaled $1.43 billion, an increase of 4% from Q1 2024[5] - Income before tax from the mortgage banking segment increased by 12% to $32.5 million in Q1 2025[5] - Loan closings in mortgage banking reached $1,432,922 in Q1 2025, up from $1,378,009 in Q1 2024, reflecting a positive trend in mortgage activity[24] - The capture rate for mortgage banking remained stable at 86% for both Q1 2025 and Q1 2024, suggesting consistent performance in loan origination[24] Operational Metrics - The average active communities decreased to 401 in Q1 2025 from 427 in Q1 2024, reflecting a reduction in operational scale[24] - The new order cancellation rate increased to 16% in Q1 2025 from 13% in Q1 2024, indicating a rise in customer cancellations[24] - Lots controlled at the end of the period increased to 167,600 in Q1 2025 from 143,200 in Q1 2024, showing growth in land acquisition[24] Shareholder Returns - The company repurchased 77,120 shares at an aggregate cost of $583,394 in Q1 2025, compared to 66,858 shares for $496,936 in Q1 2024, indicating a commitment to returning value to shareholders[24]

NVR (NVR) came out with quarterly earnings of $94.83 per share, missing the Zacks Consensus Estimate of $107.87 per share. This compares to earnings of $116.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.09%. A quarter ago, it was expected that this homebuilder would post earnings of $126.41 per share when it actually produced earnings of $139.93, delivering a surprise of 10.70%.Over the last four quarters, the company ...