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NVR, Inc. Announces First Quarter Results


News provided by

NVR, Inc.

Apr 21, 2016, 09:00 ET

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RESTON, Va., April 21, 2016 /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, 2016 of $65,303,000, or $15.79 per diluted share. Net income and diluted earnings per share for its first quarter ended March 31, 2016 increased 67% and 71%, respectively, when compared to the 2015 first quarter. Consolidated revenues for the first quarter of 2016 totaled $1,144,026,000, a 19% increase from $957,749,000 for the comparable 2015 quarter.

Homebuilding

New orders in the first quarter of 2016 increased 5% to 4,137 units, when compared to 3,926 units in the first quarter of 2015. The average sales price of new orders was $375,700, which was flat when compared with the average sales price of new orders in the first quarter of 2015.  The cancellation rate in the first quarter of 2016 was 15%, compared to 12% in the first quarter of 2015.  Settlements increased in the first quarter of 2016 to 3,006 units, 19% higher than the first quarter of 2015.  The Company's backlog of homes sold but not settled as of March 31, 2016 increased by 7% on both a unit and dollar basis to 7,360 units and to $2,818,394,000 when compared to March 31, 2015.

Homebuilding revenues for the three months ended March 31, 2016 totaled $1,121,504,000, 19% higher than the year earlier period. Gross profit margins increased to 17.5% in the 2016 first quarter compared to 17.0% for the same period in 2015.  Income before tax from the homebuilding segment totaled $93,654,000 in the first quarter of 2016, an increase of 66% when compared to the first quarter of 2015.

Mortgage Banking

Mortgage closed loan production of $753,840,000 for the three months ended March 31, 2016 increased by 18% when compared to the first quarter ended March 31, 2015.  Operating income for the mortgage banking operations during the first quarter of 2016 was $9,658,000, compared to $5,779,000 reported for the first quarter of 2015.

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-eight 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,




2016



2015


Homebuilding:









Revenues


$

1,121,504



$

941,538


Other income



767




725


Cost of sales



(925,760)




(781,668)


Selling, general and administrative



(98,015)




(98,229)


   Operating income



98,496




62,366


Interest expense



(4,842)




(5,782)


   Homebuilding income



93,654




56,584











Mortgage Banking:









Mortgage banking fees



22,522




16,211


Interest income



1,674




1,078


Other income



258




105


General and administrative



(14,550)




(11,479)


Interest expense



(246)




(136)


  Mortgage banking income



9,658




5,779











Income before taxes



103,312




62,363


Income tax expense



(38,009)




(23,305)











Net income


$

65,303



$

39,058











Basic earnings per share


$

16.81



$

9.63











Diluted earnings per share


$

15.79



$

9.22











Basic weighted average shares outstanding



3,884




4,057











Diluted weighted average shares outstanding



4,135




4,235


NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)










March 31, 2016



December 31, 2015


ASSETS









Homebuilding:









Cash and cash equivalents


$

302,945



$

397,522


Receivables



13,829




11,482


Inventory:









Lots and housing units, covered under sales agreements with customers



915,352




785,982


Unsold lots and housing units



168,945




147,832


Land under development



163,826




60,611


Building materials and other



13,012




12,101





1,261,135




1,006,526











Assets related to consolidated variable interest entity



1,731




1,749


Contract land deposits, net



346,951




343,295


Property, plant and equipment, net



44,933




44,651


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



41,580




41,580


Goodwill and finite-lived intangible assets, net



3,636




3,982


Other assets



289,800




281,381





2,306,540




2,132,168


Mortgage Banking:









   Cash and cash equivalents



15,042




26,804


   Mortgage loans held for sale, net



189,191




319,553


   Property and equipment, net



5,093




5,313


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



7,347




7,347


   Other assets



18,438




20,533





235,111




379,550


Total assets


$

2,541,651



$

2,511,718











LIABILITIES AND SHAREHOLDERS' EQUITY









Homebuilding:









   Accounts payable


$

232,221



$

227,437


   Accrued expenses and other liabilities



298,045




304,922


   Liabilities related to consolidated variable interest entity



1,230




1,091


   Customer deposits



126,552




110,965


   Senior notes



595,999




595,847





1,254,047




1,240,262


Mortgage Banking:









   Accounts payable and other liabilities



31,141




32,291





31,141




32,291


Total liabilities



1,285,188




1,272,553











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, 2016 and December 31, 2015



206




206


Additional paid-in capital



1,467,000




1,447,795


Deferred compensation trust – 108,621 and 108,614 shares of NVR, Inc.









common stock as of March 31, 2016 and December 31, 2015, respectively



(17,343)




(17,333)


Deferred compensation liability



17,343




17,333


Retained earnings



5,335,417




5,270,114


Less treasury stock at cost – 16,660,526 and 16,664,342 shares









at March 31, 2016 and December 31, 2015, respectively



(5,546,160)




(5,478,950)


Total shareholders' equity



1,256,463




1,239,165


Total liabilities and shareholders' equity


$

2,541,651



$

2,511,718


NVR, Inc.

Operating Activity

(dollars in thousands)

(Unaudited)







Three Months Ended March 31,




2016



2015


Homebuilding data:









New orders (units)









  Mid Atlantic (1)



2,029




1,948


  North East (2)



341




337


  Mid East (3)



1,057




994


  South East (4)



710




647


 Total



4,137




3,926











Average new order price


$

375.7



$

375.4











Settlements (units)









  Mid Atlantic (1)



1,455




1,296


  North East (2)



277




239


  Mid East (3)



761




582


  South East (4)



513




417


 Total



3,006




2,534











Average settlement price


$

369.5



$

371.0











Backlog (units)









  Mid Atlantic (1)



3,711




3,598


  North East (2)



604




686


  Mid East (3)



1,794




1,562


  South East (4)



1,251




1,021


 Total



7,360




6,867











Average backlog price


$

382.9



$

384.3











Community count (average)



478




474


Lots controlled at end of period



75,400




69,600











Mortgage banking data:









Loan closings


$

753,840



$

638,627


Capture rate



88

%



87

%










Common stock information:









Shares outstanding at end of period



3,894,804




4,062,712


Number of shares repurchased



56,388




50,326


Aggregate cost of shares repurchased


$

87,101



$

63,099


(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.

Related Links

http://www.nvrinc.com

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Also from this source

NVR, INC. ANNOUNCES FOURTH QUARTER RESULTS


NVR, INC. ANNOUNCES THIRD QUARTER RESULTS

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