MGIC Investment (MTG) reported better-than-expected earnings for the third quarter, beating analysts' estimates by 7 cents a share.
The Milwaukee-based mortgage insurance provider beat the 12-analyst
First Call/Thomson Financial
consensus estimate of $1.29 a share, posting earnings of $1.36 a share for the quarter, up from $1.11 a share in the year-ago third quarter.
The company recorded revenue of $282.7 million for the quarter, up from $250.4 million a year ago. MGIC attributed the revenue increase to a 15% increase in net premiums earned and a 17% increase in investment income.
Shares of MGIC were recently trading up 50 cents, or 0.8%, to $60.