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NVR Inc. Q2 net income slides 2% YOY

Despite a 12% increase in homebuilding revenues, 's second-quarter netincome dipped 2% year over year, due to a lower gross profit margin, which wasimpacted by a 2% decline in the company's average home settlement price andhigher construction costs.

Specifically, net income totaled $91.7 million, or $22.01per share, compared to $93.4 million, or $21.91 per share, in the year-agoperiod.

The S&P Capital IQ consensus EPS estimate for the secondquarter was $26.24, with four analysts reporting.

New orders in the second quarter rose 14% to 4,324 units,while settlements rose 13% to 3,581 units, and the company's backlog of homessold but not settled rose 8% on a unit basis to 8,103 units.