UPDATE 1-Mortgage insurer MGIC posts narrower Q3 loss

viernes 17 de octubre de 2008 05:41 CEST

* Continued impact of delinquencies and foreclosures * Q3 loss $0.91/shr vs loss $1.42/shr consensus est (Recasts, adds details, share price)

Oct 17 (Reuters) - MGIC Investment Corp (MTG.N: Cotización), the largest U.S. mortgage insurer, posted a narrower quarterly loss, but said its results continue to be impacted by increased delinquencies and foreclosures.

Milwaukee-based MGIC posted a third-quarter loss of $113.3 million or 91 cents a share, compared with a net loss of $372.5 million or $4.61 cents a share, in the year-earlier period.

Revenue for the quarter fell 16.9 percent to $461.6 million.

Analysts, on average, had expected a loss of $1.42 a share, on revenue of $442.9 million, according to Reuters Estimates.

MGIC Chief Executive Curt Culver said the company's results were hit by increased delinquencies and foreclosures resulting from falling home prices, especially in California and Florida, as well as a weakening economy.

Shares of MGIC closed at $6.35 Thursday on the New York Stock Exchange. (Reporting by Ajay Kamalakaran in Bangalore)