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4-Traders Homepage  >  Equities  >  Nyse  >  Assured Guaranty Ltd.    AGO   BMG0585R1060

ASSURED GUARANTY LTD. (AGO)
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Assured Guaranty Posts 1Q Loss On Derivatives Impact

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05/11/2012 | 12:42am CEST

Assured Guaranty Ltd. (>> Assured Guaranty Ltd.) swung to a first-quarter loss as derivatives losses widened and income from premiums slid, though the insurer's operating earnings still topped expectations.

The company separately disclosed the resignation of director Donald Layton, the former chief executive of online brokerage E*Trade Financial Corp. (ETFC) who is slated to move to the helm of mortgage giant Freddie Mac (FMCC). American International Group Inc. (>> American International Group, Inc.) on Thursday said Layton is also stepping down from its board.

Assured Guaranty sells insurance on a variety of debt obligations, including variable-interest entities that allow financial firms to keep assets such as mortgage-backed securities off their balance sheets. Losses tied to such entities had mostly eased in recent quarters, bolstering the company's bottom line.

Earnings suffered in the latest quarter, however, as the net value of the derivatives declined by $690.6 million, compared with a $236.2 million loss a year earlier.

Overall, the company reported a loss of $483 million, or $2.65 a share, compared with a year-earlier profit of $139.3 million, or 74 cents a share. Operating income, which excludes investment gains and losses, dropped to 38 cents a share from $1.32. Analysts polled by Thomson Reuters were looking for 36 cents.

Assured's reported revenue was negative $357.4 million due to the derivatives impact, compared with $278.9 million of revenue a year earlier. Net premiums earned fell 24% to $193.7 million.

Shares were off 1.4% at $12.90 after hours. The stock had declined 18% over the past year through Thursday's close.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN INTERNATIONAL GROUP -0.76% 53.3 Delayed Quote.-7.44%
ASSURED GUARANTY LTD. 0.36% 36.32 Delayed Quote.6.85%
FEDERAL HOME LOAN MORTGAGE CORP 8.45% 1.54 End-of-day quote.-12.35%
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Financials ($)
Sales 2018 968 M
EBIT 2018 339 M
Net income 2018 476 M
Debt 2018 -
Yield 2018 1,60%
P/E ratio 2018 10,19
P/E ratio 2019 12,47
Capi. / Sales 2018 4,20x
Capi. / Sales 2019 5,15x
Capitalization 4 066 M
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Assured Guaranty Ltd. Technical Analysis Chart | AGO | BMG0585R1060 | 4-Traders
Technical analysis trends ASSURED GUARANTY LTD.
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Average target price 50,0 $
Spread / Average Target 38%
EPS Revisions
Managers
NameTitle
Dominic John Frederico Deputy Chairman, President & CEO
Francisco Lopes Borges Chairman
Robert Adam Bailenson Chief Financial Officer
Kirk Edmunds Chief Information Officer
G. Lawrence Buhl Independent Director
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