(By Balaseshan) NVR Inc. (NYSE: NVR) shares touched a new all-time high after the homebuilder reported a 87.2% jump in quarterly earnings backed by higher orders and settlements. Results exceeded Street's expectations.
Earnings for the fourth quarter were $60.63 million or $11.98 per share, higher than last year's $32.39 million or $6.32 per share.
Consolidated revenues grew 27% to $943.74 million.
Analysts, on average, polled by Thomson Reuters had expected a profit of $11.08 per share on revenue of $905.60 million for the fourth quarter.
Revenue from Homebuilding climbed 27% to $925.36 million. New orders grew 22% to 2,625 units, while settlements increased 17% to 2,788 units.
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The company's backlog of homes sold but not settled at the end of 2012 increased on a unit basis by 35% to 4,979 units and on a dollar basis by 49% to $1.72 billion.
Mortgage closed loan production of $642.17 million for the fourth quarter, was 23% higher than the same period last year. Operating income for the mortgage banking operations soared 50% to $9.73 million.
On December 31, 2012, the company closed the purchase of Heartland Homes Inc., which operates predominantly in the Pittsburgh, PA market. This acquisition contributed 192 units and $81.564 million to NVR's backlog at the end of 2012.
In addition, the December 31, 2012 balance sheet reflects the assets acquired and liabilities assumed from the purchase of Heartland Homes. This acquisition did not impact sales or settlements in 2012.
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NVR is trading up 2.99% at $1,011.00 on Thursday. The stock has been trading between $667.98 and $1,026.79 for the past 52 weeks.