Radian Q2 Profit Tops Street View

(RTTNews) - Pennsylvania-based mortgage and real-estate company Radian Group Inc. (RDN), turned to profit in the second quarter. The earnings and revenues managed to beat the analyst estimates.

The net income for the company was $155.20 million or $0.80 per share, compared to a loss of $29.95 million or $0.15 loss per share in the previous year. The net income was driven by a sharp decrease in provision for losses to $3.6 million, from $304.41 million in 2020.

On an adjusted basis, the net income was $184.71 million or $0.75 per share, up from a loss of $88.49 million or $0.36 loss per share last year. Eleven analysts polled by Thomson Reuters estimated the earnings to be $0.69 per share.

The revenue decreased to $336.99 million from $364.44 million in 2020. Five analysts projected the revenue to be $265.88 million.

The Radian board of directors also authorized a dividend of $0.14, up from $0.125, paid on June 4.

Rick Thornberry, the CEO of the company said, "As a company that offers products and services across the mortgage and real estate spectrum, we are encouraged by the continued positive momentum in the housing market, as well as the favorable credit trends within our insured portfolio."

The shares are trading in the after-hours market at $22.80, up $0.26 or 1.15% from the previous close. The market closed at $22.54 during the regular hours, up $0.13 or 0.58%.