NVR Q2 Profit Plunges 29% as Revenue Drops 10.6%
NVR is trading near its 52-week low of $5,501.01 (12% above the low).
Summary
NVR's Q2 net income fell 29% to $236.5M, with EPS of $83.96 missing last year's $108.54. Revenue dropped 10.6% to $2.279B, deepening the housing market pain seen in Q1. This follows a 9% rise in new orders reported earlier today, which had offered a glimmer of hope, but the bottom-line miss overshadows that. The results confirm the challenging environment flagged in the May 10-Q, with no immediate catalyst for a turnaround.
At the time of this announcement, NVR was trading at $6,176.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $17.1B. The 52-week trading range was $5,501.01 to $8,618.28. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.