Benzinga | Jul 21, 2021 11:30AM EDT

NVR Q2 Result Smashes Estimates

* NVR Inc (NYSE:NVR) reported second-quarter FY21 revenue growth of 41% year-on-year to $2.28 billion, beating the analyst consensus of $2.19 billion.

* New orders for homebuilding fell 6% Y/Y to 5,521 units.

* Mortgage closed loan production rose 37% Y/Y.

* Homebuilding revenues increased by 40%, and gross profit margin increased to 22.6%.

* The new order cancellation rate stood at 8.3%, versus 15.7% in the last quarter.

* A 17.6% operating margin with $391 million in operating income was recorded in the quarter.

* EPS of $82.45 beat the analyst consensus of $72.53.

* The company held cash and cash equivalents, including restricted cash, $2.6 billion for homebuilding as of June 30, 2021.

* Price action: NVR shares are trading lower by 0.05% at $4897.62 on the last check Wednesday.