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PMI First-Quarter Loss Widens As Revenue Falls

Source: MarketWatch


Posted on 26 Apr 2010

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PMI Group Inc. said Sunday its first-quarter loss widened to $157 million, or $1.90 a share, from a loss of $115.3 million, or $1.41 a share, in the same quarter a year before.

Analysts had expected a loss, on average, of 93 cents a share, according to a FactSet Research survey. Total revenue for the quarter was $156.6 million, down from $245.1 million in the year-ago period.

The Walnut Creek, California-based financial firm said U.S. mortgage insurance revenues were $192.4 million in quarter, compared to $209.1 million a year earlier, with the decrease "primarily related to lower new insurance written and a decline in primary insurance." It added that new defaults in the first quarter fell to 34,268, compared to 37,835 in the fourth quarter of 2009 and 43,307 in the first quarter of 2009.


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