NVR, Inc. (NYSE: NVR) reported Q2 EPS of $20.70, $0.22 better than the analyst estimate of $20.48. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.25 billion.

Homebuilding

New orders in the third quarter of 2014 increased 23% to 2,936 units when compared to 2,381 units in the third quarter of 2013. The cancellation rate in the third quarter of 2014 was 16% compared to 19% in the third quarter of 2013 and 13% in the second quarter of 2014. Settlements in the third quarter of 2014 decreased 3% to 3,236 units when compared to the same period in 2013. The Company's backlog of homes sold but not settled as of September 30, 2014 increased on a unit basis by 10% to 6,231 units, and increased on a dollar basis by 14% to $2,360,730,000 when compared to September 30, 2013.

Homebuilding revenues for the three months ended September 30, 2014 totaled $1,185,160,000, 2% higher than the year earlier period. Gross profit margin in the third quarter of 2014 was 19.0% compared to 17.4% in the third quarter of 2013. Income before tax from the homebuilding segment totaled $136,511,000 in the 2014 third quarter, an increase of 14% when compared to the third quarter of 2013.

Mortgage Banking

Mortgage closed loan production of $803,125,000 for the three months ended September 30, 2014 was 15% higher than the same period last year. Operating income for the mortgage banking operations during the third quarter of 2014 decreased 38% to $7,280,000, when compared to $11,803,000 reported for the same period of 2013.

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