MGIC beats 1Q profit forecasts

MILWAUKEE (AP) _ MGIC Investment Corp. (MTG) on Thursday reported first-quarter profit of $89.8 million.

On a per-share basis, the Milwaukee-based company said it had net income of 24 cents. Earnings, adjusted for non-recurring costs and investment costs, came to 31 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The mortgage insurance company posted revenue of $260.9 million in the period. Its adjusted revenue was $261 million.

MGIC shares have increased slightly more than 7 percent since the beginning of the year. The stock has climbed 54 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 MTG at https://www.zacks.com/ap/MTG

Keywords: MGIC Investment, Earnings Report