MBIA (MBI) Misses Q2 EPS by 24c

MBIA (NYSE: MBI) reported Q2 EPS of ($0.58), $0.24 worse than the analyst estimate of ($0.34).

Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $27.24 compared with $28.77 as of December 31, 2017. Those amounts reflect an adjustment made in the second quarter of 2018 to remove the unearned premiumrevenue that is netted from GAAP loss reserves. (The previously reported ABV as of December 31, 2017 of $29.32 has been revised to conform to the current presentation.) The decrease in ABV per share since year-end 2017 was primarily due to additional loss and loss adjustment expense reserves at National that are primarily related to its Puerto Rico exposures.

For earnings history and earnings-related data on MBIA (MBI) click here.

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