Friday, PMI Group Inc. (PMI), a residential mortgage insurance provider, reported a narrower third quarter loss reflecting lower losses and expenses compared with last year.
The Walnut Creek, California-based company's third-quarter net loss narrowed to $93.23 million or $1.13 per share from $229.41 million or $2.81 per share in the prior year period.
Loss from continuing operations for the quarter was $87.92 million or $1.06 per share, narrower than $149.30 million or $1.83 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to report a loss of $1.36 per share for the quarter.
PMI's total revenues for the quarter increased to $226.86 million from $225.46 million in the comparable period. Three analysts estimated revenues of $198.66 million for the quarter.
Premiums earned slipped to $176.57 million for the quarter from $183.58 million in the year ago period. Net investment income for the quarter was $25.98 million, down from $36.33 million last year.
Total losses and expenses declined to $384.84 million for the quarter from $458.48 million a year ago.
Year-to-date, PMI posted net loss of $431.14 million or $5.24 per share, narrower than $749.66 million or $9.22 per share in the corresponding period last year. Total revenues dipped to $674.09 million from $716.81 million a year ago.
PMI is trading at $2.38, up $0.16 or 7.17%, on a volume of about 1.4 million shares.
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