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NVR, Inc.

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NVR’s first-quarter 2018 earnings surpassed the Zacks Consensus Estimate by 25.1% and increased 57% from the prior-year quarter, courtesy of lower federal statutory tax rate and a tax benefit related to homes settled in 2017. Total revenues (Homebuilding & Mortgage Banking fees) increased 20% year over year on account of higher housing revenues. New orders, settlements and backlog of homes rose 17%, 20% and 22%, respectively, in the quarter. Gross margin expanded 90 basis points (bps) in the quarter. Meanwhile, NVR's shares have outperformed its industry in the past year. However, rising interest rates as well as land and labor shortages raise concerns, as do higher material prices. Also, estimates for 2018 climbed up 2.7% over the past 60 days.


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