RESTON, VA -- NVR, Inc., one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2013 of $82,935,000, $17.67 per diluted share. Net income and diluted earnings per share for its third quarter ended September 30, 2013 increased 56% and 71%, respectively, when compared to the 2012 third quarter.
New orders in the third quarter of 2013 decreased 7% to 2,381 units when compared to 2,558 units in the third quarter of 2012. The cancellation rate in the third quarter of 2013 was 19% compared to 17% in the third quarter of 2012 and 14% in the second quarter of 2013. Settlements increased in the third quarter of 2013 to 3,342 units, 26% higher than the same period in 2012. The Company's backlog of homes sold but not settled as of September 30, 2013 increased on a unit basis by 14% to 5,656 units and on a dollar basis by 24% to $2,077,425,000 when compared to September 30, 2012.
Homebuilding revenues for the three months ended September 30, 2013 totaled $1,167,595,000, 37% higher than the year earlier period. Gross profit margin in the third quarter of 2013 was 17.4% compared to 17.8% in the third quarter of 2012. Income before tax from the homebuilding segment totaled $119,787,000 in the 2013 third quarter, an increase of 60% when compared to the third quarter of 2012.
Mortgage closed loan production of $695,930,000 for the three months ended September 30, 2013 was 17% higher than the same period last year. Operating income for the mortgage banking operations during the third quarter of 2013 increased 25% to $11,803,000, when compared to $9,478,000 reported for the same period of 2012.
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes trade names, and operates in twenty-seven metropolitan areas in fourteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com.