Ambac Financial Group Inc. Q3 Profit Increases, beats estimates

(RTTNews) - Ambac Financial Group Inc. (AMBC) revealed earnings for its third quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $340.0 million, or $7.41 per share. This compares with $16.9 million, or $0.35 per share, in last year's third quarter.

Excluding items, Ambac Financial Group Inc. reported adjusted earnings of $338.1 million or $7.37 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 rose 57.1% to $80.1 million from $51.0 million last year.

Ambac Financial Group Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $340.0 Mln. vs. $16.9 Mln. last year. -EPS (Q3): $7.41 vs. $0.35 last year. -Analyst Estimate: -$0.72 -Revenue (Q3): $80.1 Mln vs. $51.0 Mln last year.