Principal Financial Group Earnings: Here’s Why Investors Like These Results
Principal Financial Group Inc. (NYSE:PFG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.51%.
Principal Financial Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.86% to $0.79 in the quarter versus EPS of $0.70 in the year-earlier quarter.
Revenue: Rose 8.93% to $2.28 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Principal Financial Group Inc. reported adjusted EPS income of $0.79 per share. By that measure, the company beat the mean analyst estimate of $0.74. It missed the average revenue estimate of $2.3 billion.
Quoting Management: “2013 is off to a very good start, with 8 percent growth in reported operating earnings over the prior year period, continuing the momentum in our businesses for several quarters. Our ability to attract and retain institutional, retirement and retail investors around the world resulted in more than $28 billion of net cash flows over the trailing twelve months,” said Larry D. Zimpleman, chairman, president and chief executive officer. “Our acquisition of Cuprum successfully completed in the first quarter, contributing meaningfully to our current results. We continue to grow in the right markets with the right solutions, offering our clients long-term savings, investment solutions and risk protection, to help them achieve financial security.”
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