Virginia

Home Builder NVR Sees Profits Fall 59% 

For one home builder, profit may be falling — but at least there’s still profit to be had. Reston, Va.-based home builder NVR Inc. [stock NVR][/stock] said on Tuesday morning that net income in Q1 2009 fell to $18m, or $3.02 a share, from $43.5 million, or $7.42 a share, one year earlier. The 59% drop in net income came amid a 37% decline in revenue, according to a press statement; the firm saw revenue fall to $548.3 million from $869.9 million.