Principal Financial Group (PFG) Tops Q1 EPS by 12c

Principal Financial Group (NASDAQ: PFG) reported Q1 EPS of $1.43, $0.12 better than the analyst estimate of $1.31.

• First quarter 2019 net income attributable to Principal Financial Group, Inc. (PFG) of $429.9 million, or $1.53 per diluted share
• First quarter 2019 non-GAAP operating earnings1 of $400.3 million, or $1.43 per diluted share
• Record assets under management (AUM) of $675.4 billion
• Company declares second quarter 2019 common stock dividend of $0.54 per share; a 4% increase over second quarter 2018

“First quarter was a good start to the year for Principal®, as significant improvement in macroeconomic conditions helped drive strong growth in assets under management and non-GAAP operating earnings compared to fourth quarter 2018,” said Dan Houston, chairman, president, and CEO of Principal. “Our $5.5 billion of positive net cash flow for the first quarter is the result of strong investment performance, and ongoing investments in our businesses to enhance our solution set, expand our distribution reach, improve the customer experience and deliver better outcomes for customers and clients.”

“We continue to balance investments in growth with disciplined expense management,” added Houston. “We committed $1.2 billion to the planned acquisition of Wells Fargo’s Institutional Retirement and Trust business during the quarter. We also returned $280 million to shareholders through common stock dividends and share buybacks, reflecting our balanced approach to capital deployment and our ongoing commitment to creating long-term value for our shareholders.”

For earnings history and earnings-related data on Principal Financial Group (PFG) click here.

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