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Ambac Financial Group Inc. Q1 Profit Decreases, but beats estimates

Ambac Financial Group Inc. (AMBC) revealed earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $2 million, or $0.04 per share. This compares with $17 million, or $0.08 per share, in last year's first quarter.

Excluding items, Ambac Financial Group Inc. reported adjusted earnings of $14 million or $0.30 per share for the period.

Analysts on average had expected the company to earn -$0.72 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 7.8% to $119 million from $129 million last year.

Ambac Financial Group Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $2 Mln. vs. $17 Mln. last year.
-EPS (Q1): $0.04 vs. $0.08 last year.
-Analyst Estimates: -$0.72
-Revenue (Q1): $119 Mln vs. $129 Mln last year.

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