NVR, Inc. reported a net income of $1,224.5 million for the nine months ended September 30, 2024, reflecting a slight increase from $1,181.5 million in the same period of 2023. For the third quarter of 2024, net income was $429.3 million, a marginal decrease from $433.2 million in Q3 2023. Total consolidated revenues for the nine months reached $7,678.9 million, up from $7,085.6 million year-over-year, while Q3 revenues increased to $2,733.0 million from $2,569.0 million in Q3 2023.
The company experienced a decline in net cash provided by operating activities, which fell to $737.4 million from $1,002.3 million in the prior year. Cash, restricted cash, and cash equivalents decreased to $2,568.7 million as of September 30, 2024, down from $2,970.0 million a year earlier. NVR's treasury stock purchases significantly increased to $1,493.4 million for the nine months ended September 30, 2024, compared to $795.4 million in the same period of 2023.
In terms of operational performance, NVR controlled approximately 151,800 lots as of September 30, 2024, an increase from 141,500 lots at the end of 2023. The company reported contract liabilities of $358.6 million, up from $334.4 million at the end of 2023. New orders surged by 19% in Q3 2024 compared to the same quarter in 2023, although the average sales price for new orders decreased by 1% to $450.7 thousand.
Segment performance varied, with the Homebuilding South East segment experiencing a decrease in profit due to higher lot costs and closing cost assistance, while the North East segment saw a 15% increase in profit. The gross profit margin for homebuilding decreased to 23.4% in Q3 2024 from 24.3% in Q3 2023, attributed to rising costs in materials and labor.
NVR's mortgage banking segment reported a decrease in segment profit for Q3 2024, down to $36.2 million from $39.9 million in Q3 2023, primarily due to reduced mortgage banking fees. Loan closing volume increased by 2% in Q3 2024 compared to the previous year, driven by a higher number of units settled.
The company maintained a strong balance sheet, with total segment assets rising to $3,689.4 million as of September 30, 2024, compared to $3,184.2 million at the end of 2023. NVR's effective tax rate increased to 20.6% for the nine months ended September 30, 2024, compared to 18.2% in the same period of 2023.
About NVR INC
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