NEW YORK (Thomson Financial) - NVR Inc. Tuesday reported fourth-quarter
earnings of $67.3 million, or $11.72 a share. The Reston, VA-based homebuilder
cited land deposit impairments of about $97 million for the disappointing
results and added that the impairments reduced earnings by $10.32 a share.
The mean estimate of analysts polled by Thomson Financial was for a profit
of $16.63 a share.
Consolidated revenue fell 12% to $1.43 billion from $1.63 billion a year
earlier, topping Wall Street's $1.36 billion estimate.
NVR said new homebuilding orders fell 35% to 1,948 units from 3,002 units a
year earlier and the cancellation rate during the quarter rose to 32% from 20% a
year earlier.
NVR shares closed at $603 on Monday.
Christie Rizk
cr/vj
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