MGIC BEATS ANALYST Q4 2020 ESTIMATES WITH $.44 CENTS A SHARE VS. $.40 CENTS
Press Release
8-K: MGIC INVESTMENT CORP
Published: Feb. 23, 2021 at 4:23 p.m. ET
(EDGAR Online via COMTEX) -- 0000876437false00008764372020-08-042020-08-04
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 23, 2021
MGIC Investment Corporation
__________________________________________
(Exact name of registrant as specified in its charter)
Wisconsin 1-10816 39-1486475
__________________________________ _____________________ ____________________________
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
250 E. Kilbourn Avenue Milwaukee, Wisconsin 53202
________________________________ ___________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (414) 347-6480
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Not Applicable
Former name or former address, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock MTG New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company ?
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
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Item 2.02 Results of Operations and Financial Condition. The Company issued a press release on February 23, 2021 announcing its results of operations for the quarter ended December 31, 2020 and certain other information. The press release is furnished as Exhibit 99.
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Item 9.01 Financial Statements and Exhibits. (d) Exhibits Pursuant to General Instruction B.2 to Form 8-K, the Company's February 23, 2021 press release is furnished as Exhibit 99 and is not filed.
Press Release dated February 23, 2021. (Pursuant to General Instruction
B.2 to Form 8-K, this press release is furnished and is not filed.)
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MGIC INVESTMENT CORPORATION
Date: February 23, 2021 By: \s\ Julie K. Sperber
Julie K. Sperber
Vice President, Controller and Chief Accounting Officer
Exhibit 99
Investor Relations: Michael J. Zimmerman | (414) 347-6596 |
MGIC Investment Corporation Reports Fourth Quarter 2020 Results
Fourth Quarter 2020 Net Income of $151.4 million or $0.44 per Diluted Share.
Fourth Quarter 2020 Adjusted Net Operating Income (Non-GAAP) of $149.5 million or $0.43 per Diluted Share
Full Year 2020 Net Income of $446.1 million or $1.29 per Diluted share
Full Year 2020 Adjusted Net Operating Income (Non-GAAP) of $456.8 million or $1.32 per Diluted Share
MILWAUKEE (February 23, 2021) - MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the fourth quarter of 2020. Net income for the quarter was $151.4 million, or $0.44 per diluted share, compared to net income of $177.1 million, or $0.49 per diluted share, for the fourth quarter of 2019.
Net income for the full year of 2020 was $446.1 million, or $1.29 per diluted share, compared to $673.8 million, or $1.85 per diluted share, for the full year of 2019.
Adjusted net operating income for the fourth quarter of 2020 was $149.5 million, or $0.43 per diluted share, compared to $176.1 million, or $0.49 per diluted share, for the fourth quarter of 2019. Adjusted net operating income for the full year of 2020 was $456.8 million, or $1.32 per diluted share, compared to $669.7 million, or $1.84 per diluted share for 2019. We present the non-GAAP financial measure "Adjusted net operating income" to increase the comparability between periods of our financial results. See " Use of Non-GAAP financial measures " below.
