Assured Guaranty (AGO) Tops Q4 EPS by 11c, Beats on Revenues

Assured Guaranty (NYSE: AGO) reported Q4 EPS of $0.77, $0.11 better than the analyst estimate of $0.66. Revenue for the quarter came in at $281 million versus the consensus estimate of $248.35 million.

• Net income was $52 million, or $0.44 per share, for fourth quarter 2017 and $730 million, or $5.96 per share, for FY 2017. Fourth quarter and FY 2017 net income includes a tax expense of $61 million for the estimated effect of the 2017 Tax Cuts and Jobs Act.
• Non-GAAP operating income1 was $91 million, or $0.77 per share, for fourth quarter 2017, and $661 million, or $5.41 per share, for FY 2017.
• Settlement reached in fourth quarter 2017 regarding a breach of representations and warranties claim, resulting in a pretax gain of $105 million.
• Shareholders' equity per share, non-GAAP operating shareholders' equity1 per share and non-GAAP adjusted book value1 per share reached new records at $58.95, $56.20 and $77.74, respectively.
• Share repurchases totaled $70 million, or 1.9 million shares, in fourth quarter 2017, for a total of $501 million, or 12.7 million shares, in FY 2017.
• Gross written premium nearly doubled to $307 million in 2017 from $154 million in 2016, while PVP1 increased by approximately 35% to $289 million in 2017 from $214 million in 2016.

For earnings history and earnings-related data on Assured Guaranty (AGO) click here.

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