Benzinga | Nov 9, 2020 05:09PM EST

Recap: MBIA Q3 Earnings

Shares of MBIA (NYSE:MBI) were flat in after-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share were down 123.29% year over year to ($0.34), which beat the estimate of ($0.42).

Revenue of $16,000,000 declined by 20.00% year over year, which beat the estimate of $13,150,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Technicals

52-week high: $10.90

Company's 52-week low was at $4.93

Price action over last quarter: down 17.86%

Company Description

MBIA Inc provides financial guaranty insurance for municipal bonds and asset-backed securities in the United States and internationally. It offers an unconditional guarantee to repay the principal and interest on these securities if the issuer defaults. MBIA insures bonds sold in the primary and secondary markets, as well as those held in unit investment trusts and by mutual funds. Many MBIA customers are secure public-sector entities.