Earnings
PMI Group Posts 1Q Loss But Tops Street Forecast
The Associated Press
05/11/09 - 07:56 AM EDT
WALNUT CREEK, Calif. (AP) PMI Group Inc. on Monday posted a first-quarter loss as its U.S. mortgage insurance operations continued to languish, but its results were still better than analyst predictions.
PMI recorded a loss of $115.3 million, or $1.41 per share, compared with a loss of $274 million, or $3.37 per share, in the same quarter a year earlier.
Analysts polled by Thomson Reuters had expected a loss of $1.79 per share.
Revenue rose 5.7 percent to $245.1 million from $231.8 million. PMI said it suffered as fewer new insurance policies were written and it paid more premiums on existing policies.
Shares of PMI Group added 12 cents, or 6.5 percent, to $1.98 in premarket activity. They have ranged from 26 cents to $6.44 over the past year.