BOSTON (Thomson Financial) - Radian Group Inc. Monday said it swung to a
second-quarter loss of $392.5 million, or $4.91 a share, from year-earlier
profit of $21.1 million or 26 cents a share.
Results for the latest quarter include a pretax first-lien premium
deficiency reserve of $421.8 million.
The mean estimate of analysts polled by Thomson Reuters was for a
second-quarter loss of $1.93 a share.
Revenue for the Philadelphia-based mortgage insurer rose to $365.5 million
from $243.2 million a year earlier.
"Radian's results in the second quarter were largely impacted by the
first-lien premium deficiency reserve we established after updating our future
mortgage insurance loss expectations," the company said.
Shares closed Friday at $2.74.
Casey Logan
cl/tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|