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Reston, Va.-based home builder NVR reported net income for its third quarter ended Sept. 30 of $43.4 million, down 1% from the third quarter of 2010. Consolidated revenues for the quarter totaled $707.5 million, up 5% from $676.2 million in the comparable 2010 quarter.
Net income for the first nine months ended Sept. 30 totaled $97 million, down 34% compared with the first nine months of 2010. Consolidated revenues for the nine-month period were $1.9 billion, down 14% from $2.2 billion in the year-ago period.
New orders in the third quarter increased 3% to 2,218 units, compared with 2,151 units in the third quarter of 2010. The cancellation rate in the third quarter of 2011 was 15%, compared with 17.9% in the third quarter of 2010 and 12.5% in the second quarter of 2011.
NVR’s home-building unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names.