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LONDON, UK / ACCESSWIRE / May 22, 2018 / If you want access to our free earnings report on Radian Group Inc. (NYSE: RDN) ("Radian"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RDN. The Company reported its financial results on April 26, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). Radian, which is a provider of mortgage and real estate services, surpassed market estimates for earnings for Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During Q1 FY18, Radian's total revenues increased to $291.6 million compared to $288.8 million in Q1 FY17, increasing 1% on a y-o-y basis. The Company's total revenues included net premiums earned from insurance of $242.6 million in the reported quarter compared to $221.8 million in the year-ago same quarter.
For the first quarter of the fiscal year 2018, Radian incurred total expenses of $149.1 million versus $174.1 million in Q1 FY17, with the decline due to a lower provision for loss, cost of services, other operating expenses, interest expenses, and amortization.
Radian's pre-tax income rose 24% to $142.4 million in Q1 FY18 compared to $114.7 million in Q1 FY17.
Radian's net income was $114.5 million in the reported quarter versus $76.5 million in the year-ago comparable period, increasing 50% on a y-o-y basis. The Company's earnings per share (EPS) grew 53% to $0.54 in Q1 FY18 compared to $0.34 in Q1 FY17. Radian posted adjusted EPS of $0.59 in Q1 FY18 compared to $0.37 in Q1 FY17, increasing 59.5% on a y-o-y basis, and surpassing market estimates of $0.58.
Radian operates through two segments, namely (i) Mortgage Insurance; and (ii) Mortgage and Real Estate Services.
During Q1 FY18, Radian's Mortgage Insurance segment generated total revenues of $277.3 million compared to $253.6 million in Q1 FY17. The Company paid mortgage insurance claims of $59.9 million in the reported quarter compared to $82.1 million in the year-ago corresponding quarter. The segment's provision for losses was $37.4 million in Q1 FY18 compared to $47.2 million in Q1 FY17. The segment's adjusted pre-tax operating profit increased to $171.7 million in the reported quarter compared to $134.6 million in Q1 FY17.
Radian's Mortgage and Real Estate Services segment's total revenues decreased to $34.2 million in Q1 FY18 compared to $40.1 million in Q1 FY17. The segment's adjusted pre-tax operating loss was $7.6 million in the reported quarter compared to $9.4 million in the same period of 2017, primarily driven by decreased operating expenses.
As of March 31, 2018, Radian's cash and cash equivalents stood at $130.1 million compared to $86.4 million as of March 31, 2017.
Radian generated a net cash inflow from operating activities of $118.5 million in the reported quarter versus $83.9 million in the year-ago comparable quarter.
For the first quarter of 2018, Radian repurchased 531,013 shares worth $10 million. Additionally, the Company bought back 924,720 shares at a cost of $15 million in April 2018.
Radian also announced the completion of its $50 million share repurchase program in advance of its July 31, 2018, expiration date.
Stock Performance Snapshot
May 21, 2018 - At Monday's closing bell, Radian Group's stock slightly fell 0.06%, ending the trading session at $16.33.
Volume traded for the day: 1.59 million shares.
Stock performance in the last month – up 4.75%
After yesterday's close, Radian Group's market cap was at $3.52 billion.
Price to Earnings (P/E) ratio was at 13.77.
The stock has a dividend yield of 0.06%.
The stock is part of the Financial sector, categorized under the Property & Casualty Insurance industry. This sector was up 0.7% at the end of the session.
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