NEW YORK (AP) _ Ambac Financial Group Inc. (AMBC) on Tuesday reported third-quarter net income of $340 million.

The New York-based company said it had profit of $7.41 per share. Earnings, adjusted for non-recurring gains, were $7.37 per share.

The bond insurer posted revenue of $80 million in the period.

Ambac shares have declined 15% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $13.63, a fall of 22% in the last 12 months.

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