Radian Falls After Q4 Loss
Radian Group (NYSE: RDN) released its fiscal fourth-quarter earnings results on Monday prior to the opening bell.
The company reported a net loss of $177.30 million or $1.34 per share, compared to a loss of $121.54 million or $0.92 per share, in last year's corresponding quarter. This compared to analysts' consensus estimates calling for a loss of $0.50.
"Although our fourth quarter results were impacted by the continuing challenge of our legacy portfolio, our ability to write new, profitable business remains undiminished," said Chief Executive Officer Sanford Ibrahim.
Total revenue in the period was $226.06 million from $364.55 million in last year's fourth-quarter. This easily beat analysts' consensus revenue estimates of $200.03 million.
For the full year, Radian posted a net loss of $451.47 million or $3.41 per share, compared to net income of $302.15 million or $2.26 per share, last year. Revenue for the year fell to $825.41 million from $1.95 billion in the previous fiscal year.
During Monday's trading session, Radian shares were last down more than 3 percent. The stock has surged around 91 percent over the last year and over six percent in 2013.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.