MGIC Investment (MTG) Tops Q1 EPS by 1c, Revenues Beat

MGIC Investment (NYSE: MTG) reported Q1 EPS of $0.42, $0.01 better than the analyst estimate of $0.41. Revenue for the quarter came in at $306.9 million versus the consensus estimate of $305.93 million.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "The financial results of the first quarter continued the strong results we delivered over the past several years and reflected the generally favorable economic and housing environment we had been operating in until late March. In the quarter, despite lower persistency, our insurance in force increased, our credit losses remained low, and we ended the quarter in a strong capital position."

Mattke stated "Our focus is on supporting our co-workers and customers and executing strategies to navigate through the current environment including providing critical support for the housing market. There has been a significant response by the federal government, including efforts by the GSEs, to help homeowners during these unprecedented times. Similar efforts in response to past natural disasters have proved to be effective in assisting borrowers to stay in their homes and avoid foreclosure. Whether these efforts will be effective in the current environment will, in large part, depend on the length and severity of the nation's reduced economic activity. The COVID-19 pandemic has created a number of uncertainties about the short and long term economic impact that the current environment, and the nation's response to the COVID-19 pandemic will have on our business."

For earnings history and earnings-related data on MGIC Investment (MTG) click here.

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