NVR(US:NVR)2024-10-22 15:16Financial Performance - Net income for Q3 2024 was $429.3 million, a decrease of 1% from $433.2 million in Q3 2023, while diluted earnings per share increased by 4% to $130.50[1] - Consolidated revenues for Q3 2024 totaled $2.73 billion, reflecting a 6% increase from $2.57 billion in Q3 2023[1] - Homebuilding revenues for Q3 2024 were $2.68 billion, a 7% increase from $2.51 billion in Q3 2023[4] - The effective tax rate for Q3 2024 was 20.3%, up from 19.7% in Q3 2023[6] - Total assets as of September 30, 2024, were $6.49 billion, a decrease from $6.60 billion at the end of 2023[11] - Total shareholders' equity decreased to $4,271,248 as of September 30, 2024, from $4,364,725 as of December 31, 2023, reflecting a decline of approximately 2.1%[14] Orders and Backlog - New orders in Q3 2024 increased by 19% to 5,650 units compared to 4,746 units in Q3 2023[3] - The backlog of homes sold but not settled as of September 30, 2024, increased by 9% to 11,339 units and by 11% to $5.32 billion in dollar terms compared to the previous year[3] - New orders for the three months ended September 30, 2024, totaled 5,650 units with an average price of $450.7, compared to 4,746 units at an average price of $456.1 for the same period in 2023, representing an increase of 19.1% in units[16] - The backlog as of September 30, 2024, was 11,339 units with an average price of $469.5, up from 10,371 units at an average price of $463.1 in 2023, showing a growth of 9.3% in units[18] Settlements and Cancellations - Settlements for the three months ended September 30, 2024, were 5,908 units at an average price of $453.2, compared to 5,606 units at an average price of $448.0 in 2023, indicating a 5.4% increase in units[17] - The new order cancellation rate increased to 14.5% for 2024 from 13.6% in 2023, indicating a rise in cancellations[21] Mortgage Banking - Mortgage closed loan production in Q3 2024 totaled $1.66 billion, a 2% increase from Q3 2023[5] - Income before tax from the mortgage banking segment decreased by 9% to $34.9 million in Q3 2024 compared to $38.5 million in Q3 2023[5] - Loan closings for the three months ended September 30, 2024, amounted to $1,656,507, compared to $1,621,599 in 2023, reflecting an increase of 2.1%[21] - The capture rate for mortgage banking remained stable at 86% for both 2024 and 2023[21] Community and Lots - The average active communities decreased to 422 for the three months ended September 30, 2024, from 431 in 2023, reflecting a decline of 2.1%[20] - Lots controlled at the end of the period increased to 151,800 in 2024 from 133,900 in 2023, representing a growth of 13.4%[21] Share Repurchase - The aggregate cost of shares repurchased in 2024 was $357,450, down from $484,262 in 2023, indicating a decrease of 26.2%[21]