NVR said net income for Q1 2024 was $394.3 million ($116.41 per diluted share), compared with $344.4 million ($99.89 per share) for Q1 2023, a 14% increase. Consolidated revenues rose 7% to $2.33 billion.

1. 01

   NVR said net income for Q1 2024 was $394.3 million ($116.41 per diluted share), compared with $344.4 million ($99.89 per share) for Q1 2023, a 14% increase. Consolidated revenues rose 7% to $2.33 billion.

2. 02

   The company said new orders for Q1 2024 rose 3% to 6,049 units, and settlements rose 10% to 5,089 units. Backlog as of March 31 was 11,189 units and $5.22 billion, up 7% and 9%, respectively.

3. 03

   Homebuilding revenues for Q1 2024 were $2.29 billion, with a gross profit margin of 24.5% (24.6% in Q1 2023), the company said. Homebuilding pretax income was $441.7 million, up 9%. Mortgage banking pretax income was $29.0 million.

4. 04

   The company said its effective tax rate for Q1 2024 was 16.2% (20.6% in Q1 2023), and that excess tax benefits from stock option exercises totaled $43.8 million. It also repurchased 66,858 shares for $496,936 (in thousands) in the same quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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