NVR Q4 Earnings & Revenues Top Estimates, Backlogs Up 40%
Zacks Investment Research | Jan 29, 2021 04:33AM ET
NVR (NYSE:NVR), Inc. NVR, Inc. Quote
Homebuilding: Revenues in the segment totaled $2.26 billion, up 15.9% from the year-ago level. The metric, however, missed the consensus estimate by 4%. Settlements were up 12% year over year to 6,060 units. Notably, new orders increased a notable 25% from the prior year to 5,485 units. Average sales price of new orders also inched up 4% from the prior-year quarter to $398,100. Cancellation rate was 12% for the quarter, down from 16% in the year-ago period.
Gross margin came in at 19.5%, flat year over year. Mortgage Banking: Mortgage banking fees increased 85% year over year to $80.3 million. Moreover, mortgage closed loan production totaled $1.66 billion, up 17% year over year.
Quarter-end backlog — on a unit and dollar basis — was up 40% and 46% from the year-ago quarter to 11,549 units and $4.57 billion, respectively.
At fourth-quarter end, NVR had cash and cash equivalents for Homebuilding and Mortgage Banking of $2.71 billion and $63.55 million compared with $1.11 billion and $29.4 million, respectively, at 2019-end.
h3 Zacks Rank & Peer Releases/h3NVR — which share space with D.R. Horton, Inc. Zacks Investment Research
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