MBIA (NYSE: MBI) reported Q2 EPS of $0.11, $0.02 better than the analyst estimate of $0.09.

“Developments around our Puerto Rico exposure commanded much attention this quarter,” said MBIA Inc. President and Chief Financial Officer Chuck Chaplin. “All debt service payments due July 1 were made by the Puerto Rico entities. Excluding National’s commitment to purchase a $45 million short-term note from PREPA, its total Puerto Rico gross par exposure declined by $250 million as a result of the July 1 principal payments. We continue to work with PREPA, local government officials and other creditors toward a consensual solution that addresses Puerto Rico’s significant fiscal and operational difficulties while respecting the rights of creditors.”

“While new business production in National continued to ramp up slowly, we added key players to our sales and marketing team that will better position us to originate new business and to provide a high level of service to the municipal finance market,” Mr. Chaplin continued. “We believe that the superior performance of insured bonds as compared to uninsured bonds of stressed muni issuers and projected higher interest rates will provide solid growth prospects in the medium term. We also continued to repurchase our common shares, which we believe will add value to MBIA shareholders in the future.”

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