Even though home-builder NVR's (NVR) profit fell 19%, it easily surpassed Wall Street's expectations, sending shares in the housing sector rallying.
During the second quarter, NVR earned $41.4 million, or $6.79 a share, compared with $51.3 million, or $8.64 a share, in the year-ago period. Analysts expected earnings of $4.11 a share.
Home-building revenue tanked 35% to $612.5 million from $941 million.
Shares of NVR jumped 5% to $582.95 in morning trading, and shares of other home builders followed suit. Toll Brothers (TOL) grew 3% to $17.55, Pulte Homes (PHM) spiked 5% to $9.37, KB Home (KBH) grew 6% to $15.02, Lennar (LEN) increased 7% to $10.51 and Centex (CTX) rose 5% to $9.07.
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