MGIC Investment Q1 revenue falls 3% to $297.1 million, missing estimates

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Summary · why it matters

MGIC Investment reported first-quarter revenues of $297.1 million, down 3% year over year and 1% below analyst expectations. The company, which provides private mortgage insurance, posted a narrow beat on earnings per share but saw its stock fall 7.1% since the results. Among the 32 property and casualty insurers tracked, the group overall beat revenue estimates by 1.9% and shares have risen 4.6% on average. Stewart Information Services was the best performer with revenues up 27.7% to $781.3 million, while Fidelity National Financial was the weakest, missing estimates by 10.7% despite an 18.2% revenue increase to $3.23 billion.

Impact on assets 5

Financials± Mixed
MGIC Investment Corp
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MGIC Investment Q1 revenue fell 3% to $297.1M, missing estimates; stock fell 7.1%