MGIC Investment Corp. (NYSE:MTG) is expected to report Q2 earnings before market open on Thursday, July 17, with a conference call scheduled for 10:00 am ET.
Analysts are looking for EPS of (61c) on revenue of $456.98M. The consensus range for EPS is (99c) to (34c), while the consensus range for revenue is $421.18M to $545M, according to First Call.
On July 10, Moody's downgraded its financial strength rating on MGIC to A1 from Aa2. Moody's rating outlook on the company is now negative. The ratings firm cited MGIC's weakened credit profile and deterioration in its medium term profitability prospects, stemming from high mortgage default rates, as reasons for its decision to reduce MGIC's rating.
S&P predicted on July 9 that MGIC's expenses and claims in 2008 would be more than double its revenues from premiums, and that it may report losses through 2009, S&P added.