Genworth MI Canada beats 1Q profit forecasts

Oakville, Ontario (AP) _ Genworth MI Canada Inc. (T.MIC) on Tuesday reported first-quarter net income of $85 million (107.5 million CAD).

The Oakville, Ontario-based company said it had profit of 85 cents per share. Earnings, adjusted for non-recurring gains, came to 81 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The residential mortgage insurance parent company posted revenue of $113.2 million (143.1 million CAD) in the period.

Genworth MI Canada shares have decreased 10 percent since the beginning of the year. The stock has declined 7.5 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on T.MIC at http://www.zacks.com/ap/T.MIC

Keywords: Genworth MI Canada, Earnings Report