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Reston, Va.-based home builder NVR has posted second-quarter net income of $38.4 million, down 46% from $71.3 million in the same quarter of 2010.
Consolidated revenues for the second quarter ended June 30 totaled $695.9 million, down 28% from $964.5 million in the year-ago period. Second-quarter home-building revenues were $682.7 million, down 28% from $947 million in the second quarter of 2010.
For the first six months of 2011, net income totaled $53.6 million, down 48% from $103.4 million in the first six months of 2010. Consolidated revenues for this period were $1.2 billion, down 22% from $1.6 billion in the comparable 2010 period.
New orders in the second quarter of 2011 decreased 4% to 2,468 units, compared with 2,559 units in the year-ago period. The cancellation rate in the second quarter of 2011 was 12.5% compared with 12% in the second quarter of 2010.
NVR’s home-building unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names.