MBIA posts 3Q profit

PURCHASE, N.Y. (AP) _ MBIA Inc. (MBI) on Tuesday reported third-quarter net income of $31 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Purchase, New York-based company said it had net income of 23 cents. Earnings, adjusted for non-recurring gains, came to 4 cents per share.

The insurance and reinsurance company posted revenue of $203 million in the period.

MBIA shares have increased 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.79, an increase of nearly 1 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 MBI at https://www.zacks.com/ap/MBI

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