Ambac Financial Posts Q2 Profit

(RTTNews) - Bond insurer Ambac Financial Group, Inc. (AMBC) reported net income for the second quarter of $282.7 million, or $6.05 per share, compared to a net loss of $207.9 million or $4.61 per share for the year-ago quarter.

Operating earnings for the latest quarter were $266.0 million or $5.70 per share.

Net premium earned for the quarter fell to $61 million from $65 million a year ago, while net investment income declined to $65 million from $80 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.90 per share on revenue of $130.15 million for the second quarter. Analysts' estimates typically exclude special items.