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2026-07-23 17:19 2d ago
2026-07-23 11:10 2d ago
NVR hlásí nižší zisk i tržby za 2. čtvrtletí
NVR NVR
FMP Stock News 78
Original source text
NVR (NVR - Free Report) came out with quarterly earnings of $83.96 per share, missing the Zacks Consensus Estimate of $94.82 per share. This compares to earnings of $108.54 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -11.45%. A quarter ago, it was expected that this homebuilder would post earnings of $78.25 per share when it actually produced earnings of $67.76, delivering a surprise of -13.41%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

NVR, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $2.28 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 5.23%. This compares to year-ago revenues of $2.55 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

NVR shares have lost about 12.9% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for NVR?While NVR has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for NVR was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $107.42 on $2.59 billion in revenues for the coming quarter and $371.11 on $9.59 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, M/I Homes (MHO - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This homebuilder is expected to post quarterly earnings of $3.17 per share in its upcoming report, which represents a year-over-year change of -28.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

M/I Homes' revenues are expected to be $1.18 billion, up 1.8% from the year-ago quarter.
2026-07-23 14:54 2d ago
2026-07-23 09:00 2d ago
NVR hlásí pokles zisku i tržeb ve 2. čtvrtletí
NVR NVR
FMP Stock News 92
Original source text
, /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2026 of $236.5 million, or $83.96 per diluted share.  For the second quarter ended June 30, 2026, net income and diluted earnings per share decreased 29% and 23%, respectively, when compared to 2025 second quarter net income of $333.7 million, or $108.54 per diluted share.  Consolidated revenues for the second quarter of 2026 totaled $2.33 billion, compared to $2.60 billion in the second quarter of 2025. 

For the six months ended June 30, 2026, consolidated revenues were $4.21 billion, a 16% decrease from $5.00 billion reported for the same period of 2025. Net income for the six months ended June 30, 2026 was $434.8 million, a decrease of 31% when compared to net income for the six months ended June 30, 2025 of $633.3 million. Diluted earnings per share for the six months ended June 30, 2026 was $151.38, a decrease of 26% from $203.20 per diluted share for the same period of 2025.

Homebuilding

New orders in the second quarter of 2026 increased by 9% to 5,885 units, when compared to 5,379 units in the second quarter of 2025. The average sales price of new orders in the second quarter of 2026 was $437,100, a decrease of 5% when compared to the second quarter of 2025.  The cancellation rate in the second quarter of 2026 was 15% compared to 17% in the second quarter of 2025.  Settlements in the second quarter of 2026 decreased by 8% to 5,058 units, compared to 5,475 units in the second quarter of 2025. The average settlement price in the second quarter of 2026 was $450,700, a decrease of 3% when compared to the second quarter of 2025. Our backlog of homes sold but not settled as of June 30, 2026 increased on a unit basis by 9% to 10,998 units and increased on a dollar basis by 5% to $4.99 billion when compared to the respective backlog unit and dollar balances as of June 30, 2025.

Homebuilding revenues of $2.28 billion in the second quarter of 2026 decreased by 11% compared to homebuilding revenues of $2.55 billion in the second quarter of 2025. Gross profit margin in the second quarter of 2026 decreased to 19.2%, from 21.5% in the second quarter of 2025.  Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and weak consumer sentiment, and by contract land deposit impairments totaling approximately $21.7 million. Income before tax from the homebuilding segment totaled $293.2 million in the second quarter of 2026, a decrease of 30% when compared to the second quarter of 2025.

Mortgage Banking

Mortgage closed loan production in the second quarter of 2026 totaled $1.35 billion, a decrease of 13% when compared to the second quarter of 2025. Income before tax from the mortgage banking segment totaled $25.4 million in the second quarter of 2026, a decrease of 14% when compared to $29.6 million in the second quarter of 2025.

About NVR

NVR, Inc. operates in two business segments:  homebuilding and mortgage banking.  The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C.  For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology.  All statements other than of historical facts are forward-looking statements.  Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.  Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control.  NVR undertakes no obligation to update such forward-looking statements except as required by law.

NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Homebuilding:

Revenues

$      2,279,771

$      2,548,267

$      4,114,650

$      4,898,712

Other income

12,095

25,088

40,144

51,800

Cost of sales

(1,841,217)

(1,999,983)

(3,315,756)

(3,835,358)

Selling, general and administrative

(150,721)

(149,170)

(307,692)

(314,287)

Interest expense

(6,698)

(6,685)

(13,552)

(13,866)

Homebuilding income

293,230

417,517

517,794

787,001

Mortgage Banking:

Mortgage banking fees

46,585

50,547

92,769

103,134

Interest income

3,983

4,493

7,612

8,299

Other income

1,292

1,301

2,069

2,394

General and administrative

(26,153)

(26,425)

(49,280)

(51,118)

Interest expense

(296)

(300)

(629)

(573)

Mortgage banking income

25,411

29,616

52,541

62,136

Income before taxes

318,641

447,133

570,335

849,137

Income tax expense

(82,183)

(113,396)

(135,518)

(215,824)

Net income

$        236,458

$        333,737

$        434,817

$        633,313

Basic earnings per share

$            87.65

$          114.52

$          158.75

$          214.78

Diluted earnings per share

$            83.96

$          108.54

$          151.38

$          203.20

Basic weighted average shares outstanding

2,698

2,914

2,739

2,949

Diluted weighted average shares outstanding

2,816

3,075

2,872

3,117

NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

June 30, 2026

December 31, 2025

ASSETS

Homebuilding:

Cash and cash equivalents

$         1,093,736

$         1,883,844

Restricted cash

44,562

34,348

Receivables

49,642

32,742

Inventory:

Lots and housing units, covered under sales agreements with customers

1,877,430

1,410,695

Unsold lots and housing units

307,698

252,029

Land under development

21,067

39,312

Building materials and other

29,094

21,524

2,235,289

1,723,560

Contract land deposits, net

927,380

851,458

Property, plant and equipment, net

99,248

103,770

Operating lease right-of-use assets

110,893

110,535

Other assets

348,163

349,306

4,908,913

5,089,563

Mortgage Banking:

Cash and cash equivalents

50,938

32,642

Restricted cash

8,023

6,047

Mortgage loans held for sale, net

396,678

571,596

Property and equipment, net

7,723

7,727

Operating lease right-of-use assets

22,538

23,953

Other assets

75,807

125,402

561,707

767,367

Total assets

$         5,470,620

$         5,856,930

NVR, Inc.

Consolidated Balance Sheets (Continued)

(in thousands, except share and per share data)

(unaudited)

June 30, 2026

December 31, 2025

LIABILITIES AND SHAREHOLDERS' EQUITY

Homebuilding:

Accounts payable

$           375,478

$           259,244

Accrued expenses and other liabilities

311,697

376,976

Customer deposits

294,698

249,210

Operating lease liabilities

117,947

117,589

Senior notes

908,162

909,160

2,007,982

1,912,179

Mortgage Banking:

Accounts payable and other liabilities

46,849

53,738

Operating lease liabilities

24,593

26,144

71,442

79,882

Total liabilities

2,079,424

1,992,061

Commitments and contingencies

Shareholders' equity:

Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares

 issued as of both June 30, 2026 and December 31, 2025

206

206

Additional paid-in capital

3,223,670

3,155,367

Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of

 both June 30, 2026 and December 31, 2025

(16,710)

(16,710)

Deferred compensation liability

16,710

16,710

Retained earnings

16,821,586

16,386,769

Less treasury stock at cost – 17,877,177 and 17,755,943 shares as of June 30, 2026

 and December 31, 2025, respectively

(16,654,266)

(15,677,473)

Total shareholders' equity

3,391,196

3,864,869

Total liabilities and shareholders' equity

$         5,470,620

$         5,856,930

NVR, Inc.

Operating Activity

(dollars in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Units

Average
Price

Units

Average
Price

Units

Average
Price

Units

Average
Price

New orders, net of cancellations:

Mid Atlantic (1)

2,081

$           499.2

1,930

$           531.3

3,998

$           499.2

3,796

$           523.0

North East (2)

390

$           639.4

424

$           655.3

859

$           624.4

801

$           674.0

Mid East (3)

1,186

$           419.2

1,072

$           424.2

2,369

$           422.2

2,170

$           422.0

South East (4)

2,228

$           353.3

1,953

$           361.7

4,397

$           356.0

3,957

$           359.0

Total

5,885

$           437.1

5,379

$           458.1

11,623

$           438.6

10,724

$           453.3

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Units

Average Price

Units

Average Price

Units

Average Price

Units

Average Price

Settlements:

Mid Atlantic (1)

1,721

$           511.1

2,101

$           537.2

3,139

$           515.3

4,151

$           532.6

North East (2)

452

$           621.1

474

$           651.7

818

$           637.2

945

$           632.5

Mid East (3)

1,056

$           429.4

1,082

$           415.8

1,778

$           429.6

2,095

$           411.6

South East (4)

1,829

$           364.1

1,818

$           363.3

3,338

$           363.0

3,417

$           359.2

Total

5,058

$           450.7

5,475

$           465.4

9,073

$           453.5

10,608

$           461.8

As of June 30,

2026

2025

Units

Average
Price

Units

Average
Price

Backlog:

Mid Atlantic (1)

4,019

$     509.2

3,713

$     532.6

North East (2)

1,014

$     632.9

911

$     698.4

Mid East (3)

2,224

$     426.2

2,120

$     426.8

South East (4)

3,741

$     362.5

3,325

$     371.6

Total

10,998

$     453.9

10,069

$     472.1

NVR, Inc.

Operating Activity (Continued)

(dollars in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Average active communities:

Mid Atlantic (1)

133

120

129

120

North East (2)

28

26

29

25

Mid East (3)

95

94

97

93

South East (4)

186

186

182

175

Total

442

426

437

413

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Homebuilding data:

New order cancellation rate

14.9 %

16.5 %

14.4 %

16.0 %

Lots controlled at end of period

184,400

171,400

Mortgage banking data:

Loan closings

$      1,354,713

$      1,555,280

$    2,407,697

$    2,988,201

Capture rate

85 %

87 %

84 %

87 %

Common stock information:

Shares outstanding at end of period

2,678,153

2,883,215

Number of shares repurchased

54,716

65,834

144,896

142,954

Aggregate cost of shares repurchased

$        357,777

$        471,413

$      989,733

$    1,054,807

(1)

Maryland, Virginia, West Virginia, Delaware and Washington, D.C.

(2)

New Jersey and Eastern Pennsylvania

(3)

New York, Ohio, Western Pennsylvania, Indiana and Illinois

(4)

North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

SOURCE NVR, INC.
2026-07-20 17:11 5d ago
2026-07-20 10:56 5d ago
NVR čeká nižší zisk i tržby ve 2. čtvrtletí
NVR NVR
FMP Stock News 72
Original source text
Key Takeaways NVR is expected to post lower earnings and revenues amid a softer housing market.NVR's homebuilding business is likely to have faced pressure as affordability challenges curb buyer demand.NVR is expected to see modest improvement in orders and backlog despite settlement and margin pressure. NVR, Inc. (NVR - Free Report) is expected to report lower earnings in the second quarter of 2026. Homebuilding revenues are also likely to have decreased on a year-over-year basis, given soft demand and margin headwinds.

In the last reported quarter, earnings and homebuilding revenues missed the Zacks Consensus Estimate by 13.4% and 7.9%, respectively. Also, both metrics declined on a year-over-year basis by 29% and 22%.

The company’s earnings beat the consensus mark in three of the last four quarters and missed once, the average surprise being 2.5%.

How Are Estimates Placed for NVR Stock?The Zacks Consensus Estimate for the to-be-reported quarter’s EPS has increased to $95.80 from $95.20 in the past 30 days. The estimated figure indicates a 11.74% decrease from the year-ago EPS of $108.54.

The consensus mark for revenues is pegged at $2.41 billion, indicating a decrease of 5.6% from the year-ago reported figure of $2.55 billion.

Factors Likely to Shape NVR’s Q2 ResultsNVR's second-quarter Homebuilding revenues are expected to have remained under pressure as elevated mortgage rates and higher homeownership costs are likely to have continued to limit affordability across many markets. Affordability challenges, coupled with cautious consumer sentiment, are expected to have delayed purchase decisions and moderated buyer demand during the quarter. The company is also likely to have maintained elevated sales incentives to support demand amid the challenging housing environment.

Our model predicts Homebuilding revenues (which accounted for 97.8% of total revenues in 2025) to decline 5.5% year over year to $2.41 billion in the to-be-reported quarter. For the quarter to be reported, we anticipate total settlements to decrease 6.7% to 5,107 units on a year-over-year basis.

The company's bottom line is expected to have decreased year over year in the quarter as elevated sales incentives are likely to have weighed on profitability. At the same time, higher lot, labor and building materials costs are expected to have increased construction expenses, creating additional pressure on homebuilding margins. We expect the homebuilding gross margin to be 18.3%, down 320 basis points year over year.

Our model predicts total new orders to increase slightly by 0.8% year over year to 5,421 units. The backlog is currently pegged at 10,484 units, which indicates an increase from 10,069 units reported a year ago. We expect the value of the backlog to be $4.77 billion, implying a slight increase from $4.75 billion in the corresponding year-ago quarter.

What the Zacks Model Unveils for NVROur proven model does not conclusively predict an earnings beat for NVR for the quarter to be reported. The company does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.

NVR’s Earnings ESP: The company has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

NVR’s Zacks Rank: NVR currently carries a Zacks Rank #3 (Hold).

Stocks With the Favorable CombinationHere are some companies in the Zacks Construction sector that, according to our model, have the right combination of elements to post an earnings beat in the quarter to be reported.

Dycom Industries, Inc. (DY - Free Report) currently has an Earnings ESP of +0.47% and sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.

With the average surprise being 25%, Dycom’s earnings beat estimates in the last four quarters. Dycom’s earnings for the to-be-reported quarter are expected to increase 39.3%.

Owens Corning (OC - Free Report) has an Earnings ESP of +1.66% and a Zacks Rank of 3 at present.

For the quarter to be reported, Owens Corning’s earnings are expected to decline 27.3%. OC’s earnings beat estimates in three of the last four quarters and missed on one occasion, the average surprise being 3.8%.

United Rentals (URI - Free Report) currently has an Earnings ESP of +1.39% and a Zacks Rank of 2.

The company’s earnings beat estimates in one of the trailing four quarters and missed on the other three occasions, the average negative surprise being 1.5%. United Rentals’ earnings for the quarter are expected to increase 11.5%.