MBIA Inc. Q1 Profit Retreats 53%

(RTTNews) - MBIA Inc. (MBI) released earnings for first quarter that decreased compared to the same period last year.

The company said its earnings declined to $16 million, or $0.12 per share. This was lower than $34 million, or $0.18 per share, in last year's first quarter.

Analysts had expected the company to earn $0.13 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 85.4% to $32 million. This was down from $219 million last year.

MBIA Inc. earnings at a glance:

-Earnings (Q1): $16 Mln. vs. $34 Mln. last year. -Earnings Decline (Y-o-Y): -52.9% -EPS (Q1): $0.12 vs. $0.18 last year. -EPS Decline (Y-o-Y): -33.3% -Analysts Estimate: $0.13 -Revenue (Q1): $32 Mln vs. $219 Mln last year. -Revenue Change (Y-o-Y): -85.4%