NVR(US:NVR)2025-01-28 19:17Financial Performance - For Q4 2024, NVR, Inc. reported net income of $457.4 million, a 12% increase from $410.1 million in Q4 2023, with diluted earnings per share rising 15% to $139.93[1][2] - Consolidated revenues for the full year 2024 reached $10.52 billion, an 11% increase from $9.52 billion in 2023, with net income growing 6% to $1.68 billion[2][5] - Homebuilding revenues for Q4 2024 were $2.78 billion, a 16% increase from $2.39 billion in Q4 2023, although gross profit margin decreased to 23.6%[4][5] - Mortgage closed loan production in Q4 2024 totaled $1.70 billion, a 13% increase from Q4 2023, with income before tax from the mortgage banking segment rising 55% to $45.9 million[6] - For the full year 2024, mortgage closed loan production increased by 9% to $6.26 billion, with income before tax from the mortgage banking segment rising 17% to $154.9 million[7] Orders and Settlements - New orders in Q4 2024 decreased by 8% to 4,794 units, while the average sales price of new orders increased by 4% to $469,000 compared to Q4 2023[3] - Settlements in Q4 2024 increased by 16% to 6,180 units, with an average settlement price of $450,000, remaining relatively flat year-over-year[3][4] - New orders for the total units in 2024 were 22,560, an increase of 3.83% compared to 21,729 units in 2023[19] - The average price of new orders increased from $448.4 thousand in 2023 to $457.7 thousand in 2024, reflecting a growth of approximately 6.5%[19] - The new order cancellation rate rose to 16.9% in Q4 2024 from 13.0% in Q4 2023[21] Backlog and Inventory - The backlog of homes sold but not settled as of December 31, 2024, decreased by 3% to 9,953 units, while the dollar value of the backlog increased by 1% to $4.79 billion[3] - The total backlog decreased from 10,229 units in 2023 to 9,953 units in 2024, a decline of approximately 2.7%[20] Assets and Liabilities - The total assets of NVR, Inc. as of December 31, 2024, were $6.38 billion, a decrease from $6.60 billion in 2023[15] - Total liabilities decreased from $2,237,032 thousand as of December 31, 2023, to $2,170,916 thousand as of December 31, 2024, representing a reduction of approximately 2.97%[17] - Shareholders' equity decreased from $4,364,725 thousand as of December 31, 2023, to $4,210,072 thousand as of December 31, 2024, a decline of about 3.53%[17] Share Repurchase - The number of shares repurchased in 2024 was 256,871, compared to 181,499 shares in 2023, indicating a significant increase of approximately 41.5%[21] - The aggregate cost of shares repurchased rose from $1,081,815 thousand in 2023 to $2,057,677 thousand in 2024, an increase of about 90.3%[21] Operational Metrics - Average active communities remained stable at 427 in 2024, unchanged from 2023[21]