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. (NVR) 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. The quarterly results beat most analysts forecasts, with Thomson Rueters reporting that analysts had forecast revenue of $518.6 million and net income of $2.31/share. New orders during Q1 decreased 11% to 2,426 units, the builder reporter, when compared to 2,731 units ordered in Q1 2008. The cancellation rate improved slightly, declining to 15% in the first three months of 2009, compared to a 22% cancellation rate in the first quarter of 2008; but even improvement on cancellations could not offset a sharp drop in settlements, or closed home sales. Settlements decreased during Q1 to 1,773 units, 28% less than the same period of 2008, NVR said. The home builder, which also maintains a mortgage loan production business, said it closes $427.3 million during the first quarter, off 18% from one year ago. The firm's mortgage banking business saw operating income fall 57% to $4.9 million, versus $11.2 million in the first quarter of 2008. NVR's home building operations serve eighteen metropolitan areas in eleven states, including Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Ohio, North Carolina, South Carolina and Tennessee. The company constructs homes under the Ryan Homes, NVHomes and Fox Ridge Homes trade names. The firm's subsidiaries provide mortgage lending and settlement services, as well. Shares in the home builder were at $473.33, up $16.87 when this story was published. Write to Paul Jackson at Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.