Principal Financial Q1 Profit Tops Estimate

(RTTNews) - Principal Financial Group, Inc. (PFG) reported net income for first quarter of $293.7 million or $0.95 per share, compared to $178.3 million or $0.61 per share for the year-ago quarter.

Operating earnings for the first quarter increased to $317.1 million or $1.06 per share from $233.3 million or $0.79 per share in the prior year quarter..

Operating revenues for first quarter rose 12% to $2.50 billion from $2.24 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.92 per share on revenue of $2.42 billion for the first quarter.

The company declared a quarterly dividend of $0.32 per share for the second quarter 2014, a 14% increase over first quarter 2014. The dividend will be payable on June 27 to shareholders of record as of June 9.

Principal Financial also said its board has authorized repurchase of up to $200 million of company's outstanding common stock.