Radian Group (RDN) Tops Q2 EPS by 7c

Radian Group (NYSE: RDN) reported Q2 EPS of $0.48, $0.07 better than the analyst estimate of $0.41. Revenue for the quarter came in at $302.9 million, versus $288.75 million reported last year.

The company determined, following a strategic review of the segment’s business lines and in light of recent performance below expectations, that an impairment of goodwill and other intangible assets related to this segment was necessary. This impairment resulted from a decrease in projected future cash flows based on current market trends and changes to the Services segment’s business strategy going forward.

Based on the strategic review of the Services business lines to date, the company has determined to restructure this business and currently expects to incur charges relating to the changes necessary to reposition this business for sustained profitability. While the company’s restructuring plans are not final and therefore the company cannot provide an estimate of its total expected restructuring charges at this time, the company currently expects that such charges would not exceed $25 million on a pretax basis and, depending on the finalization and implementation of its restructuring plans, such charges could be materially less. The company will provide an update during the third quarter, upon completion of its strategic review.

For earnings history and earnings-related data on Radian Group (RDN) click here.

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