NVR, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS

Mortgage closed loan production in the fourth quarter of 2023 totaled $1.50 billion, a decrease of 2% when compared to the fourth quarter of 2022.  Income before tax from the mortgage banking segment totaled $29.7 million in the fourth quarter of 2023, an increase of 12% when compared to $26.4 million in the fourth quarter of 2022. 

Mortgage closed loan production for the year ended December 31, 2023 decreased 9% to $5.74 billion. Income before tax from the mortgage banking segment for the year ended December 31, 2023 increased 9% to $132.8 million from $122.2 million in 2022.

Effective Tax Rate

Our effective tax rate for the three and twelve months ended December 31, 2023 was 15.3% and 17.5%, respectively, compared to 20.9% and 23.4% for the three and twelve months ended December 31, 2022, respectively. The decrease in the effective tax rate in each period is primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $42.5 million and $153.6 million for the three and twelve months ended December 31, 2023, respectively, and $22.6 million and $50.3 million for the three and twelve months ended December 31, 2022, respectively.

About NVR

NVR, Inc. operates in two business segments:  homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in fifteen states and Washington, D.C.  For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.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 and financial results, 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; the economic impact of a major epidemic or pandemic; 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)
		Three Months Ended December 31,				Twelve Months Ended December 31,
		2023		2022		2023		2022
		(unaudited)		(unaudited)		(unaudited)
Homebuilding:
Revenues		$          2,387,094		$          2,668,036		$          9,314,605		$        10,326,770
Other income		40,891		21,592		148,010		37,038
Cost of sales		(1,812,968)		(1,993,722)		(7,051,198)		(7,662,271)
Selling, general and administrative		(154,086)		(140,995)		(588,962)		(532,353)
Operating income		460,931		554,911		1,822,455		2,169,184
Interest expense		(6,618)		(6,630)		(26,875)		(38,140)
Homebuilding income		454,313		548,281		1,795,580		2,131,044
Mortgage Banking:
Mortgage banking fees		45,476		44,146		203,597		199,664
Interest income		4,779		3,570		16,687		11,853
Other income		1,189		1,294		4,449		4,963
General and administrative		(21,537)		(22,300)		(91,075)		(92,946)
Interest expense		(173)		(269)		(865)		(1,384)
Mortgage banking income		29,734		26,441		132,793		122,150
Income before taxes		484,047		574,722		1,928,373 Werbung Mehr Nachrichten zur NVR Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 28.04.24 - wallstreet:online ... IWF-Analyse: Erholung in Euro-Land? Nur mit mehr Synergie und weniger Kleinstaaterei! 28.04.24 - wallstreet:online ... Überbewertung: MSCI World ETF: 3 Warnzeichen und 2 Möglichkeiten 28.04.24 - The Motley Fool Der Wert von Bayer Leverkusen: Wird jetzt auch die Bayer-Aktie zum Champion? Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59