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

(RTTNews) - 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.