Ambac Financial Q3 Profit Falls

(RTTNews) - Bond insurer Ambac Financial Group, Inc. (AMBC) reported net income for the third quarter of $82.5 million or $1.77 per share, compared to $231.0 million or $4.98 per share for the year-ago quarter.

Operating income for the third quarter was $142.7 million or $3.06 per share, compared to $193.4 million or $4.17 per share in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the third quarter. Analysts' estimates typically exclude special items.

For the third quarter, net premiums earned were $64.8 million, as compared to $70.9 million in the third quarter of 2013. Net investment income for the third quarter rose to $83.6 million from $52.1 million a year ago.