NVR beats quarterly profit expectations on higher home prices

NVR

25/04/2023 15:52

April 25 (Reuters) - Homebuilder and mortgage banking
company NVR Inc  NVR.N  beat analysts' expectations for
first-quarter profit on Tuesday, helped by higher home prices.
    U.S. home prices have remained elevated as a shortage of
homebuilding supplies limited the availability of new homes,
helping counter lower demand from a jump in mortgage rates
following the Federal Reserve's aggressive monetary policy.
    Virginia-based NVR posted earnings of $99.89 per diluted
share for the three months ended March 31, beating analysts'
average estimate of $88.96, according to Refinitiv data.
    New orders declined 1% to 5,888 units.
    Revenue fell 8.3% to $2.13 billion. Analysts on average
estimated $2.24 billion.
    Higher home prices also helped peer PulteGroup Inc  PHM.N 
to beat Wall Street estimates for first-quarter profit and
revenue.    
    
    

 (Reporting by Anandita Mehrotra in Bengaluru; Editing by Shilpi
Majumdar)
 ((Anandita.Mehrotra@thomsonreuters.com;))