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ARMONK — Bond insurer MBIA Inc. surprised Wall Street with a second-quarter profit, which it says was partly the result of new clients.
The Armonk, N.Y. company earned $894.7 million, or $4.30 per share, in the second quarter. That's down 47 percent from a profit of $1.7 billion, or $7.14 per share, a year earlier .
Analysts polled by Thomson Reuters on average expected a loss of 92 cents per share.
Shares of MBIA rose 49 cents, or 8.9 percent, in afterhours trading to $6.02, after closing down 22 cents at $5.53 during the regular session.
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