MGIC beats 3Q profit forecasts

MILWAUKEE (AP) _ MGIC Investment Corp. (MTG) on Wednesday reported third-quarter earnings of $120 million.

The Milwaukee-based company said it had net income of 32 cents per share.

The results exceeded 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 $270.4 million in the period.

MGIC shares have risen 29 percent since the beginning of the year. The stock has climbed 63 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