Principal Financial Group (PFG) Misses Q3 EPS by 23c

Principal Financial Group (NASDAQ: PFG) reported Q3 EPS of $1.23, $0.23 worse than the analyst estimate of $1.46.

• Third quarter 2019 net income attributable to Principal Financial Group, Inc. (PFG) of $277.1 million, or $0.98 per diluted share
• Third quarter 2019 non-GAAP operating earnings1 of $345.3 million, or $1.23 per diluted share
• Record assets under management (AUM) of $703.4 billion
• Company declares fourth quarter 2019 common stock dividend of $0.55 per share; a 2 percent increase over fourth quarter 2018

“At $345 million in the third quarter, and $1.5 billion over the trailing twelve months, Principal continues to deliver strong non-GAAP operating earnings, despite ongoing fee pressures and macroeconomic headwinds,” said Dan Houston, chairman, president and CEO. “Principal also delivered $6.9 billion of net cash flow in the third quarter, our strongest result in three years, with positive net cash flow for each of our asset management and accumulation segments.”

“Our acquisition of Wells Fargo’s Institutional Retirement & Trust business closed July 1st, and integration is progressing according to plan,” added Houston. “As expected, we’re already seeing a number of benefits emerge from the deal. In addition to the acquisition, we’ve returned $627 million to shareholders through common stock dividends and share repurchases, bringing deployed capital to more than $1.8 billion through nine months.”

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

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