Assured Guaranty Ltd. (AGO: News ) reported first quarter net income of $125.4 million or $0.67 per share, compared to $322.0 million or $1.69 per share in the prior year quarter.
Excluding items, net income for the quarter was $249.0 million or $1.33 per share, compared to $112.6 million or $0.59 per share a year-ago.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share. Analysts' estimates typically excludes special items.
Total revenues for the quarter were $254.1 million, compared to $667.3 million last year. Excluding items, total revenues for the quarter were $459.7 million, compared to $406.4 million in the same period a year-ago.
Five Wall Street analysts expected revenues of $367.47 million for the quarter.
Adjusted earnings look good. However, business was slow. As an investor, I want to own companies where business is growing, not slowing. One has to decide that the slowdown in issuances is only a temporary lapse, or is it a growing trend. Dominic made the argument that AGO increased its %ages of underwritings for the bonds issued. I need to hear that the current lapse in bus. activity (issuances) will improve. I hope to hear something in the CC.