MGIC beats 2Q profit forecasts

MILWAUKEE (AP) _ MGIC Investment Corp. (MTG) on Thursday reported second-quarter profit of $118.6 million.

On a per-share basis, the Milwaukee-based company said it had net income of 31 cents.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The mortgage insurance company posted revenue of $263.3 million in the period. Its adjusted revenue was $263.4 million.

MGIC shares have risen 16 percent since the beginning of the year. The stock has climbed 74 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