NEW YORK (AP) — NEW YORK (AP) — Ambac Financial Group Inc. (AMBC) on Tuesday reported fourth-quarter net income of $175.2 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had net income of $3.86 per share. Earnings, adjusted for non-recurring costs, were $4.18 per share.
The bond insurer posted revenue of $219 million in the period.
For the year, the company reported net income of $522.4 million, or $11.31 per share, swinging to a profit in the period. Revenue was reported as $505 million.
Ambac shares have declined 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.55, an increase of 29% in the last 12 months.
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