US homebuilder NVR's quarterly profit falls on lower margins
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NVR reported a 20% decline in third-quarter profit due to shrinking margins amid high interest rates and tariff uncertainties, leading to a 2.3% drop in shares. The gross profit margin for homebuilding decreased to 21.0% from 23.4% a year ago, with net income falling to $342.7 million. New home orders fell by 16%, and the order cancellation rate rose to 19%. Homebuilding revenues decreased by 4.4% year-over-year to $2.56 billion, slightly above analysts' expectations.
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