MBIA Inc. Reveals 44% Drop In Q1 Profit

(RTTNews) - MBIA Inc. (MBI) reported a profit for first quarter that lost ground compared to the same period last year.

The company said its profit declined to $9 million, or $0.07 per share. This was lower than $16 million, or $0.12 per share, in last year's first quarter.

Analysts had expected the company to earn $0.08 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 140.6% to $77 million. This was up from $32 million last year.

MBIA Inc. earnings at a glance:

-Earnings (Q1): $9 Mln. vs. $16 Mln. last year. -Earnings Decline (Y-o-Y): -43.8% -EPS (Q1): $0.07 vs. $0.12 last year. -EPS Decline (Y-o-Y): -41.7% -Analysts Estimate: $0.08 -Revenue (Q1): $77 Mln vs. $32 Mln last year. -Revenue Change (Y-o-Y): 140.6%