MGIC Investment (NYSE: MTG ) reported earnings on April 30. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q1), MGIC Investment missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly. Non-GAAP loss per share contracted. GAAP loss per share grew.
Margins shrank across the board.
MGIC Investment notched revenue of $269.2 million. The five analysts polled by S&P Capital IQ expected sales of $276.5 million on the same basis. GAAP reported sales were 31% lower than the prior-year quarter's $393.9 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at -$0.32. The five earnings estimates compiled by S&P Capital IQ anticipated -$0.16 per share. Non-GAAP EPS were -$0.32 for Q1 compared to -$0.48 per share for the prior-year quarter. GAAP EPS were -$0.31 for Q1 against -$0.10 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was -16.8%, much worse than the prior-year quarter. Operating margin was -16.8%, much worse than the prior-year quarter. Net margin was -26.9%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $276.7 million. On the bottom line, the average EPS estimate is -$0.16.
Next year's average estimate for revenue is $1.10 billion. The average EPS estimate is -$0.66.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 322 members out of 519 rating the stock outperform, and 197 members rating it underperform. Among 151 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 97 give MGIC Investment a green thumbs-up, and 54 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on MGIC Investment is hold, with an average price target of $4.43.
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