NVR, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS
NVR Inc. reported strong financial results for Q4 and full-year 2024. Q4 net income reached $457.4 million ($139.93 per diluted share), a 12% increase from 2023. Consolidated revenues grew 17% to $2.85 billion in Q4 2024.
For full-year 2024, revenues increased 11% to $10.52 billion, with net income rising 6% to $1.68 billion. However, Q4 new orders decreased 8% to 4,794 units, while the cancellation rate increased to 17% from 13% year-over-year. Settlements increased 16% to 6,180 units in Q4.
The mortgage banking segment showed significant growth, with Q4 closed loan production up 13% to $1.70 billion and segment income before tax increasing 55% to $45.9 million. The company's gross profit margin slightly decreased to 23.6% in Q4 2024 from 24.1% in Q4 2023.
NVR Inc. ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il reddito netto del quarto trimestre ha raggiunto 457,4 milioni di dollari (139,93 dollari per azione diluita), con un aumento del 12% rispetto al 2023. I ricavi consolidati sono cresciuti del 17%, raggiungendo 2,85 miliardi di dollari nel quarto trimestre 2024.
Per l'intero anno 2024, i ricavi sono aumentati dell'11% a 10,52 miliardi di dollari, con un reddito netto in crescita del 6% a 1,68 miliardi di dollari. Tuttavia, i nuovi ordini nel quarto trimestre sono diminuiti dell'8% a 4.794 unità, mentre il tasso di cancellazione è aumentato al 17% rispetto al 13% dell'anno precedente. I regolamenti sono aumentati del 16% a 6.180 unità nel quarto trimestre.
Il settore del mutuo ha mostrato una crescita significativa, con la produzione di prestiti chiusi nel quarto trimestre in aumento del 13% a 1,70 miliardi di dollari e il reddito del segmento prima delle tasse in crescita del 55% a 45,9 milioni di dollari. Il margine di profitto lordo dell'azienda è leggermente diminuito al 23,6% nel quarto trimestre 2024 rispetto al 24,1% nel quarto trimestre 2023.
NVR Inc. informó resultados financieros fuertes para el cuarto trimestre y el año completo de 2024. El ingreso neto del cuarto trimestre alcanzó 457.4 millones de dólares (139.93 dólares por acción diluida), un aumento del 12% en comparación con 2023. Los ingresos consolidados crecieron un 17% a 2.85 mil millones de dólares en el cuarto trimestre de 2024.
Para el año completo 2024, los ingresos aumentaron un 11% a 10.52 mil millones de dólares, con un ingreso neto que subió un 6% a 1.68 mil millones de dólares. Sin embargo, los nuevos pedidos del cuarto trimestre disminuyeron un 8% a 4,794 unidades, mientras que la tasa de cancelación aumentó al 17% desde el 13% año tras año. Los acuerdos aumentaron un 16% a 6,180 unidades en el cuarto trimestre.
El sector de banca hipotecaria mostró un crecimiento significativo, con la producción de préstamos cerrados en el cuarto trimestre aumentando un 13% a 1.70 mil millones de dólares y el ingreso del segmento antes de impuestos aumentando un 55% a 45.9 millones de dólares. El margen de beneficio bruto de la compañía disminuyó ligeramente al 23.6% en el cuarto trimestre de 2024 desde el 24.1% en el cuarto trimestre de 2023.
NVR Inc.는 2024년 4분기 및 전체 연도 동안 강력한 재무 결과를 보고했습니다. 4분기의 순이익은 4억 5천7백40만 달러(희석 주당 139.93달러)에 달해 2023년 대비 12% 증가했습니다. Consolidated revenue는 4분기 2024년에 17% 증가한 28억 5천만 달러로 성장했습니다.
2024년 전체 연도 기준으로, 매출은 11% 증가하여 105억 2천만 달러에 이르렀고, 순이익은 6% 증가한 16억 8천만 달러를 기록했습니다. 그러나 4분기의 신규 주문은 8% 감소한 4,794대에 그쳤고, 취소율은 지난해 13%에서 17%로 증가했습니다. 결제 건수는 4분기 동안 16% 증가하여 6,180대에 이르렀습니다.
모기지 은행 부문은 4분기 폐쇄 대출 생산이 13% 증가하여 17억 달러에 이르렀고, 세전 부문 수익이 55% 증가하여 4590만 달러에 달하며 높은 성장을 보였습니다. 회사의 총 이익률은 2023년 4분기의 24.1%에서 2024년 4분기에는 23.6%로 약간 감소했습니다.
NVR Inc. a rapporté de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Le revenu net pour le quatrième trimestre a atteint 457,4 millions de dollars (139,93 dollars par action diluée), marquant une augmentation de 12 % par rapport à 2023. Les revenus consolidés ont augmenté de 17 % pour atteindre 2,85 milliards de dollars au quatrième trimestre 2024.
Pour l'année complète 2024, les revenus ont crû de 11 % pour atteindre 10,52 milliards de dollars, le revenu net ayant augmenté de 6 % pour s'élever à 1,68 milliard de dollars. Cependant, les nouvelles commandes pour le quatrième trimestre ont diminué de 8 % pour atteindre 4 794 unités, tandis que le taux d'annulation est passé de 13 % à 17 % d'une année sur l'autre. Les règlements ont augmenté de 16 % pour atteindre 6 180 unités au quatrième trimestre.
Le secteur bancaire hypothécaire a montré une croissance significative, avec une production de prêts fermés au quatrième trimestre en hausse de 13 % à 1,70 milliard de dollars et un revenu du segment avant impôts en hausse de 55 % à 45,9 millions de dollars. La marge brute de l'entreprise a légèrement diminué, passant de 24,1 % au quatrième trimestre 2023 à 23,6 % au quatrième trimestre 2024.
NVR Inc. berichtete über starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024. Der Nettogewinn im vierten Quartal erreichte 457,4 Millionen Dollar (139,93 Dollar pro verwässerter Aktie), was einem Anstieg von 12% im Vergleich zu 2023 entspricht. Die konsolidierten Einnahmen stiegen im vierten Quartal 2024 um 17% auf 2,85 Milliarden Dollar.
Für das gesamte Jahr 2024 stiegen die Einnahmen um 11% auf 10,52 Milliarden Dollar, während der Nettogewinn um 6% auf 1,68 Milliarden Dollar zunahm. Im vierten Quartal sanken jedoch die neuen Aufträge um 8% auf 4.794 Einheiten, während die Stornierungsrate von 13% im Vorjahr auf 17% anstieg. Die Abrechnungen stiegen im vierten Quartal um 16% auf 6.180 Einheiten.
Der Hypothekenbankensektor zeigte ein signifikantes Wachstum, mit einer abgeschlossenen Darlehensproduktion im vierten Quartal, die um 13% auf 1,70 Milliarden Dollar anstieg, während das Segmentergebnis vor Steuern um 55% auf 45,9 Millionen Dollar zunahm. Die Bruttogewinnspanne des Unternehmens sank leicht von 24,1% im vierten Quartal 2023 auf 23,6% im vierten Quartal 2024.
- Q4 net income increased 12% to $457.4 million
- Q4 consolidated revenues grew 17% to $2.85 billion
- Full-year 2024 revenues up 11% to $10.52 billion
- Q4 settlements increased 16% to 6,180 units
- Mortgage banking income before tax rose 55% to $45.9 million in Q4
- Q4 closed loan production up 13% to $1.70 billion
- Q4 new orders decreased 8% to 4,794 units
- Q4 cancellation rate increased to 17% from 13% YoY
- Gross profit margin declined to 23.6% from 24.1% in Q4
- Backlog units decreased 3% to 9,953 units
- Effective tax rate increased to 20.1% from 15.3% in Q4
Insights
NVR's Q4 2024 results reveal a complex narrative of resilience and strategic adaptation in a challenging housing market. The headline numbers are impressive: consolidated revenues up
However, beneath these strong top-line figures lies a more nuanced story. The margin compression - with gross profit margins declining from
The mortgage banking segment emerged as a particular bright spot, with income before tax surging
The company's backlog metrics - down
The rise in effective tax rate from
For the year ended December 31, 2024, consolidated revenues were
Homebuilding
New orders in the fourth quarter of 2024 decreased by
Homebuilding revenues of
New orders for the year ended December 31, 2024 increased by
Mortgage Banking
Mortgage closed loan production in the fourth quarter of 2024 totaled
Mortgage closed loan production for the year ended December 31, 2024 increased
Effective Tax Rate
Our effective tax rate for the three and twelve months ended December 31, 2024 was
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 sixteen states and
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, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(unaudited) | (unaudited) | (unaudited) | ||||||
Homebuilding: | ||||||||
Revenues | $ 2,780,717 | $ 2,387,094 | $ 10,292,425 | $ 9,314,605 | ||||
Other income | 33,094 | 40,891 | 143,890 | 148,010 | ||||
Cost of sales | (2,125,633) | (1,812,968) | (7,850,549) | (7,051,198) | ||||
Selling, general and administrative | (154,714) | (154,086) | (598,207) | (588,962) | ||||
Operating income | 533,464 | 460,931 | 1,987,559 | 1,822,455 | ||||
Interest expense | (6,774) | (6,618) | (26,988) | (26,875) | ||||
Homebuilding income | 526,690 | 454,313 | 1,960,571 | 1,795,580 | ||||
Mortgage Banking: | ||||||||
Mortgage banking fees | 64,891 | 45,476 | 232,054 | 203,597 | ||||
Interest income | 5,600 | 4,779 | 19,092 | 16,687 | ||||
Other income | 1,562 | 1,189 | 5,480 | 4,449 | ||||
General and administrative | (25,870) | (21,537) | (100,896) | (91,075) | ||||
Interest expense | (239) | (173) | (795) | (865) | ||||
Mortgage banking income | 45,944 | 29,734 | 154,935 | 132,793 | ||||
Income before taxes | 572,634 | 484,047 | 2,115,506 | 1,928,373 | ||||
Income tax expense | (115,202) | (73,972) | (433,578) | (336,762) | ||||
Net income | $ 457,432 | $ 410,075 | $ 1,681,928 | $ 1,591,611 | ||||
Basic earnings per share | $ 149.84 | $ 128.46 | $ 540.88 | $ 491.52 | ||||
Diluted earnings per share | $ 139.93 | $ 121.56 | $ 506.69 | $ 463.31 | ||||
Basic weighted average shares outstanding | 3,053 | 3,192 | 3,110 | 3,238 | ||||
Diluted weighted average shares outstanding | 3,269 | 3,373 | 3,319 | 3,435 | ||||
NVR, Inc. | ||||
Consolidated Balance Sheets | ||||
(in thousands, except share and per share data) | ||||
December 31, 2024 | December 31, 2023 | |||
(unaudited) | ||||
ASSETS | ||||
Homebuilding: | ||||
Cash and cash equivalents | $ 2,561,339 | $ 3,126,472 | ||
Restricted cash | 42,172 | 41,483 | ||
Receivables | 32,622 | 29,000 | ||
Inventory: | ||||
Lots and housing units, covered under sales agreements with customers | 1,727,243 | 1,674,686 | ||
Unsold lots and housing units | 237,177 | 214,666 | ||
Land under development | 65,394 | 36,895 | ||
Building materials and other | 28,893 | 23,903 | ||
2,058,707 | 1,950,150 | |||
Contract land deposits, net | 726,675 | 576,551 | ||
Property, plant and equipment, net | 95,619 | 63,716 | ||
Operating lease right-of-use assets | 78,340 | 70,384 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 41,580 | 41,580 | ||
Deferred tax assets, net | 142,192 | 148,005 | ||
Other assets | 108,986 | 94,746 | ||
5,888,232 | 6,142,087 | |||
Mortgage Banking: | ||||
Cash and cash equivalents | 49,636 | 36,422 | ||
Restricted cash | 11,520 | 11,067 | ||
Mortgage loans held for sale, net | 355,209 | 222,560 | ||
Property and equipment, net | 7,373 | 6,348 | ||
Operating lease right-of-use assets | 23,482 | 23,541 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 7,347 | 7,347 | ||
Other assets | 38,189 | 152,385 | ||
492,756 | 459,670 | |||
Total assets | $ 6,380,988 | $ 6,601,757 | ||
NVR, Inc. | ||||
Consolidated Balance Sheets (Continued) | ||||
(in thousands, except share and per share data) | ||||
December 31, 2024 | December 31, 2023 | |||
(unaudited) | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Homebuilding: | ||||
Accounts payable | $ 332,772 | $ 347,738 | ||
Accrued expenses and other liabilities | 441,300 | 413,043 | ||
Customer deposits | 322,926 | 334,441 | ||
Operating lease liabilities | 83,939 | 75,797 | ||
Senior notes | 911,118 | 913,027 | ||
2,092,055 | 2,084,046 | |||
Mortgage Banking: | ||||
Accounts payable and other liabilities | 53,433 | 127,511 | ||
Operating lease liabilities | 25,428 | 25,475 | ||
78,861 | 152,986 | |||
Total liabilities | 2,170,916 | 2,237,032 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Common stock, | 206 | 206 | ||
Additional paid-in capital | 3,031,637 | 2,848,528 | ||
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of | (16,710) | (16,710) | ||
Deferred compensation liability | 16,710 | 16,710 | ||
Retained earnings | 15,046,953 | 13,365,025 | ||
Less treasury stock at cost – 17,543,686 and 17,360,454 shares as of December | (13,868,724) | (11,849,034) | ||
Total shareholders' equity | 4,210,072 | 4,364,725 | ||
Total liabilities and shareholders' equity | $ 6,380,988 | $ 6,601,757 | ||
NVR, Inc. | ||||||||||||||||
Operating Activity | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Units | Average Price | Units | Average | Units | Average Price | Units | Average | |||||||||
New orders, net of cancellations: | ||||||||||||||||
Mid Atlantic (1) | 1,726 | $ 547.1 | 2,029 | $ 500.9 | 8,511 | $ 527.3 | 8,434 | $ 515.5 | ||||||||
North East (2) | 453 | $ 639.9 | 526 | $ 597.7 | 1,994 | $ 622.4 | 1,879 | $ 573.2 | ||||||||
Mid East (3) | 1,024 | $ 419.6 | 942 | $ 412.2 | 4,654 | $ 408.0 | 4,514 | $ 396.5 | ||||||||
South East (4) | 1,591 | $ 367.4 | 1,693 | $ 366.9 | 7,401 | $ 364.6 | 6,902 | $ 366.4 | ||||||||
Total | 4,794 | $ 469.0 | 5,190 | $ 450.9 | 22,560 | $ 457.7 | 21,729 | $ 448.4 | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Units | Average | Units | Average Price | Units | Average | Units | Average | |||||||||
Settlements: | ||||||||||||||||
Mid Atlantic (1) | 2,143 | $ 524.8 | 2,008 | $ 519.5 | 8,537 | $ 518.1 | 8,032 | $ 521.5 | ||||||||
North East (2) | 522 | $ 617.7 | 465 | $ 567.1 | 1,967 | $ 592.6 | 1,736 | $ 546.2 | ||||||||
Mid East (3) | 1,242 | $ 410.3 | 1,126 | $ 391.3 | 4,585 | $ 406.0 | 4,391 | $ 392.4 | ||||||||
South East (4) | 2,273 | $ 362.5 | 1,733 | $ 368.9 | 7,747 | $ 366.7 | 6,503 | $ 377.2 | ||||||||
Total | 6,180 | $ 450.0 | 5,332 | $ 447.6 | 22,836 | $ 450.7 | 20,662 | $ 450.7 | ||||||||
As of December 31, | ||||||||||||||||
2024 | 2023 | |||||||||||||||
Units | Average | Units | Average | |||||||||||||
Backlog: | ||||||||||||||||
Mid Atlantic (1) | 4,068 | $ 541.6 | 4,094 | $ 522.5 | ||||||||||||
North East (2) | 1,055 | $ 658.1 | 1,028 | $ 602.0 | ||||||||||||
Mid East (3) | 2,045 | $ 416.5 | 1,976 | $ 412.1 | ||||||||||||
South East (4) | 2,785 | $ 374.3 | 3,131 | $ 378.4 | ||||||||||||
Total | 9,953 | $ 481.4 | 10,229 | $ 465.0 | ||||||||||||
NVR, Inc. | ||||||||
Operating Activity (Continued) | ||||||||
(dollars in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Average active communities: | ||||||||
Mid Atlantic (1) | 132 | 167 | 147 | 166 | ||||
North East (2) | 29 | 36 | 31 | 36 | ||||
Mid East (3) | 104 | 105 | 101 | 110 | ||||
South East (4) | 161 | 130 | 148 | 115 | ||||
Total | 426 | 438 | 427 | 427 | ||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Homebuilding data: | ||||||||
New order cancellation rate | 16.9 % | 13.0 % | 14.2 % | 12.8 % | ||||
Lots controlled at end of period | 162,400 | 141,500 | ||||||
Mortgage banking data: | ||||||||
Loan closings | $ 1,695,831 | $ 1,496,003 | $ 6,260,428 | $ 5,736,532 | ||||
Capture rate | 86 % | 88 % | 86 % | 87 % | ||||
Common stock information: | ||||||||
Shares outstanding at end of period | 3,011,644 | 3,194,876 | ||||||
Number of shares repurchased | 64,216 | 46,748 | 256,871 | 181,499 | ||||
Aggregate cost of shares repurchased | $ 564,315 | $ 286,428 | $ 2,057,677 | $ 1,081,815 | ||||
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(2) | |
(3) | New |
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SOURCE NVR, INC.
FAQ
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