NEW YORK (AP) — NEW YORK (AP) — Ambac Financial Group Inc. (AMBC) on Wednesday reported a loss of $492.5 million in its fourth quarter.
The New York-based company said it had a loss of $10.23 per share. Losses, adjusted for one-time gains and costs, came to 12 cents per share.
The bond insurer posted revenue of $65.2 million in the period.
For the year, the company reported a loss of $503.2 million, or $10.71 per share, swinging to a loss in the period. Revenue was reported as $235.8 million.
Ambac shares have declined almost 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.66, a drop of 30% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMBC at https://www.zacks.com/ap/AMBC
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