RESTON, Va., Oct. 20, 2015 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2015 of $116,470,000, or $27.11 per diluted share.  Net income and diluted earnings per share for the third quarter ended September 30, 2015 increased 29% and 31%, respectively, when compared to the 2014 third quarter. Consolidated revenues for the third quarter of 2015 totaled $1,402,351,000, a 17% increase from $1,203,166,000 for the comparable 2014 quarter.

For the nine months ended September 30, 2015, consolidated revenues were $3,603,733,000, 16% higher than the $3,116,530,000 reported for the same period of 2014.  Net income for the nine months ended September 30, 2015 was $248,923,000, an increase of 37% when compared to the nine months ended September 30, 2014.  Diluted earnings per share for the nine months ended September 30, 2015 was $58.32, an increase of 44% from $40.59 per diluted share for the comparable period of 2014.

Homebuilding
New orders in the third quarter of 2015 increased 11% to 3,258 units, when compared to 2,936 units in the third quarter of 2014. The average sales price of new orders in the third quarter of 2015 was $378,900, an increase of 1% when compared with the third quarter of 2014.  Settlements increased in the third quarter of 2015 to 3,607 units, 11% higher than the third quarter of 2014.  The Company's backlog of homes sold but not settled as of September 30, 2015 increased 15% on both a unit and dollar basis to 7,139 units and $2,716,947,000 when compared to September 30, 2014.

Homebuilding revenues for the three months ended September 30, 2015 totaled $1,374,467,000, 16% higher than the year earlier period. Gross profit margin was 19.1% in the 2015 third quarter, which was flat when compared to the same period in 2014.  Income before tax from the homebuilding segment totaled $168,874,000 in the third quarter of 2015, an increase of 24% when compared to the third quarter of 2014.

Mortgage Banking
Mortgage closed loan production of $951,872,000 for the three months ended September 30, 2015 increased by 19% when compared to the three months ended September 30, 2014. Operating income for the mortgage banking operations during the third quarter of 2015 was $16,122,000, compared to $7,280,000 reported for the third quarter of 2014.  Operating income was favorably impacted by 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-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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nvr-inc-announces-third-quarter-results-300162368.html

SOURCE NVR, Inc.