BOSTON (Thomson Financial) - NVR Inc. Friday reported first-quarter net
income of $43.5 million, or $7.42 a share, compared to net income of $84.8
million, or $12.96 a share, a year earlier.
Revenue for the three-month period ended March 31 fell 19% to $887.9 million
from $1.09 billion in the comparable quarter of 2007.
The Reston, Va.-based homebuilder said new orders for the March quarter
tumbled 30% to 2,731 units from 3,917 units in the year-ago period.
The cancellation rate in the first quarter was 22% compared to 16% in the
first quarter of 2007, NVR said.
The stock closed at $668.99 Thursday.
Greg Saulnier
gs/vj
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