MBIA posts 1Q profit after 5 straight losses

Monday, May 11, 2009 6:28 PM

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(Source: Associated Press/AP Online) tracking

NEW YORK - MBIA Inc. is reporting a profit for the first quarter, reversing a string of five consecutive quarterly losses as the bond insurer was rocked by the financial meltdown.

For the three months ended March 31, New York-based MBIA says it earned $696.7 million in net income available to common shareholders, or $3.34 per share.

Analysts polled by Thomson Reuters, on average, were expecting a loss of 33 cents per share.

The stock is jumping in after-hours trading. MBIA shares are up $1.12, or 16 percent, to $8.08 in late trading, after closing the regular session down 3.5 percent at $6.96.

A service of YellowBrix, Inc.

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