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NVR, Inc. Announces First Quarter Results


News provided by

NVR, Inc.

Apr 21, 2015, 09:00 ET

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RESTON, Va., April 21, 2015 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2015 of $39,058,000 or $9.22 per diluted share. Net income and diluted earnings per share for its first quarter ended March 31, 2015 increased 64% and 79%, respectively, when compared to the 2014 first quarter. Consolidated revenues for the first quarter of 2015 totaled $957,749,000, an 18% increase from $811,310,000 for the comparable 2014 quarter. Net income in the first quarter of 2014 was negatively impacted by the previously disclosed $6,879,000 reversal of certain income tax deductions.

Homebuilding

New orders in the first quarter of 2015 increased 18% to 3,926 units, when compared to 3,325 units in the first quarter of 2014. The average sales price of new orders increased to $375,400, a 2% increase from the first quarter of 2014.  The cancellation rate in both the first quarter of 2015 and 2014 was 12%.  Settlements increased in the first quarter of 2015 to 2,534 units, 15% higher than the first quarter of 2014. The Company's backlog of homes sold but not settled as of March 31, 2015 increased on a unit basis by 13% to 6,867 units and increased on a dollar basis by 16% to $2,639,047,000 when compared to March 31, 2014.

Homebuilding revenues for the three months ended March 31, 2015 totaled $941,538,000, 18% higher than the year earlier period. Gross profit margins decreased to 17.0% in the 2015 first quarter compared to 18.0% for the same period in 2014. Income before tax from the homebuilding segment totaled $56,584,000 in the first quarter of 2015, an increase of 16% when compared to the first quarter of 2014.

Mortgage Banking

Mortgage closed loan production of $638,627,000 for the three months ended March 31, 2015 increased by 35% when compared to the first quarter ended March 31, 2014. Operating income for the mortgage banking operations during the first quarter of 2015 was $5,779,000, compared to $991,000 reported for the first quarter of 2014. Operating income in the first quarter of 2015 was favorably impacted by an increase in capture rate to 87% in the first quarter of 2015, compared to 78% in the first quarter of 2014, and improved leveraging of general and administrative expenses.

About NVR

NVR, Inc. operates in two business segments:  homebuilding and mortgage banking.  The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes trade names, and operates in twenty-seven metropolitan areas in fourteen states and Washington, D.C.  For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com, www.foxridgehomes.com and www.heartlandluxuryhomes.com.

Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should" or "anticipates" or the negative thereof or other comparable terminology.  All statements other than of historical facts are forward-looking statements.  Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.  Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control.  NVR undertakes no obligation to update such forward-looking statements except as required by law.

NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)







Three Months Ended March 31,




2015



2014


Homebuilding:









Revenues


$

941,538



$

799,187


Other income



725




997


Cost of sales



(781,668)




(655,152)


Selling, general and administrative



(98,229)




(90,632)


Operating income



62,366




54,400


Interest expense



(5,782)




(5,684)


Homebuilding income



56,584




48,716











Mortgage Banking:









Mortgage banking fees



16,211




12,123


Interest income



1,078




1,184


Other income



105




59


General and administrative



(11,479)




(12,265)


Interest expense



(136)




(110)


Mortgage banking income



5,779




991











Income before taxes



62,363




49,707











Income tax expense



(23,305)




(25,858)











Net income


$

39,058



$

23,849











Basic earnings per share


$

9.63



$

5.34











Diluted earnings per share


$

9.22



$

5.16











Basic weighted average shares outstanding



4,057




4,467











Diluted weighted average shares outstanding



4,235




4,620


NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)












March 31, 2015



December 31, 2014




(Unaudited)





ASSETS


















Homebuilding:









Cash and cash equivalents


$

520,532



$

514,780


Receivables



10,024




10,021


Inventory:









Lots and housing units, covered under sales agreements with customers



797,705




690,955


Unsold lots and housing units



110,010




131,938


Land under development



35,813




33,689


Building materials and other



11,053




12,904





954,581




869,486











Assets related to consolidated variable interest entity



3,545




3,590


Contract land deposits, net



295,121




294,676


Property, plant and equipment, net



46,343




46,242


Reorganization value in excess of amounts allocable to identifiable assets, net



41,580




41,580


Goodwill and finite-lived intangible assets, net



5,019




5,364


Other assets



305,021




302,280





2,181,766




2,088,019











Mortgage Banking:









Cash and cash equivalents



10,436




30,158


Mortgage loans held for sale, net



154,785




205,664


Property and equipment, net



5,957




6,189


Reorganization value in excess of amounts allocable to identifiable assets, net



7,347




7,347


Other assets



15,843




13,958





194,368




263,316











Total assets


$

2,376,134



$

2,351,335











LIABILITIES AND SHAREHOLDERS' EQUITY


















Homebuilding:









Accounts payable


$

193,927



$

204,622


Accrued expenses and other liabilities



266,119




289,058


Liabilities related to consolidated variable interest entity



1,578




1,618


Non-recourse debt related to consolidated variable interest entity



-




64


Customer deposits



125,965




106,755


Senior notes



599,189




599,166





1,186,778




1,201,283











Mortgage Banking:









Accounts payable and other liabilities



24,119




25,797





24,119




25,797











Total liabilities



1,210,897




1,227,080











Commitments and contingencies


















Shareholders' equity:









Common stock, $0.01 par value; 60,000,000 shares authorized;  20,555,330 shares issued as of both March 31, 2015 and December 31, 2014



206




206


Additional paid-in capital



1,370,763




1,325,495


Deferred compensation trust – 108,614 shares of NVR, Inc. common stock as of both March 31, 2015 and December 31, 2014



(17,333)




(17,333)


Deferred compensation liability



17,333




17,333


Retained earnings



4,926,245




4,887,187


Less treasury stock at cost – 16,492,618 and 16,506,229 shares at March 31, 2015 and December 31, 2014, respectively



(5,131,977)




(5,088,633)


Total shareholders' equity



1,165,237




1,124,255


Total liabilities and shareholders' equity


$

2,376,134



$

2,351,335


NVR, Inc.

Operating Activity

 (dollars in thousands)

(Unaudited)







Three Months Ended March 31,




2015



2014


Homebuilding data:









New orders (units)









Mid Atlantic (1)



1,948




1,675


North East (2)



337




298


Mid East (3)



994




891


South East (4)



647




461


Total



3,926




3,325











Average new order price


$

375.4



$

368.1











Settlements (units)









Mid Atlantic (1)



1,296




1,124


North East (2)



239




233


Mid East (3)



582




478


South East (4)



417




376


Total



2,534




2,211











Average settlement price


$

371.0



$

361.4











Backlog (units)









Mid Atlantic (1)



3,598




3,261


North East (2)



686




560


Mid East (3)



1,562




1,445


South East (4)



1,021




793


Total



6,867




6,059











Average backlog price


$

384.3



$

374.7











Community count (average)



474




481


Lots controlled at end of period



69,600




65,800











Mortgage banking data:









Loan closings


$

638,627



$

472,933


Capture rate



87

%



78

%










Common stock information:









Shares outstanding at end of period



4,062,712




4,493,418


Number of shares repurchased



50,326




32,377


Aggregate cost of shares repurchased


$

63,099



$

32,578


(1)

Maryland, Virginia, West Virginia, Delaware and Washington, D.C.

(2)

New Jersey and Eastern Pennsylvania

(3)

New York, Ohio, Western Pennsylvania, Indiana and Illinois

(4)

North Carolina, South Carolina, Tennessee and Florida

SOURCE NVR, Inc.

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