Close

Radian Group (RDN) Tops Q3 EPS by 11c, Revenues Beat

November 4, 2020 4:40 PM EST

Radian Group (NYSE: RDN) reported Q3 EPS of $0.59, $0.11 better than the analyst estimate of $0.48. Revenue for the quarter came in at $375.23 million versus the consensus estimate of $255.9 million.

“Our results for the third quarter were again impacted by the challenging COVID-19 pandemic environment, however we are encouraged by signs of improvement in the economy, the strength of the overall housing market and continued positive default trends within our mortgage insurance portfolio," said Radian’s Chief Executive Officer Rick Thornberry. "We reported net income of $135 million, wrote record volume of new primary mortgage insurance business of $33 billion and grew book value per share by 11% year-over-year, which reflects the strength and momentum of our businesses as well as the commitment of our team during this unprecedented time.”

Thornberry added, "While we expect the timeline for the ultimate resolution of pandemic-related defaults to span multiple years, we believe that our current capital resources combined with the continued future financial contribution from our valuable insurance portfolio positions us well both today and in the future. At Radian we are proud of being able to support the real estate and mortgage markets as the pandemic has not eased the need for affordable mortgage options or the desire for many Americans to realize the dream of homeownership.”

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



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Earnings, Management Comments

Related Entities

Earnings