Principal Financial Group (PFG) Misses Q3 EPS by 54c

Principal Financial Group (NASDAQ: PFG) reported Q3 EPS of $0.85, $0.54 worse than the analyst estimate of $1.39.

Company Highlights

• Third quarter 2020 net income attributable to Principal Financial Group®, Inc. (PFG) of $236.0 million, or $0.85 per diluted share
• Third quarter 2020 non-GAAP operating earnings1 of $234.5 million, or $0.85 per diluted share
• Annual actuarial assumption review reduced net income by $118.2 million, or $0.43 per diluted share, and non-GAAP operating earnings by $113.1 million, or $0.41 per diluted share
• Assets under management (AUM) of $731.3 billion
• Company declares fourth quarter 2020 common stock dividend of $0.56 per share

“We came into this financial crisis well capitalized and with a strong, high quality balance sheet and that has not changed,” said Dan Houston, chairman, president and chief executive officer of Principal. “We will continue to be prudent with regard to our capital deployment strategy, but at the same time, as we gain greater clarity around the global economic outlook and our own capital position, we will consider all capital deployment options to further increase long-term shareholder value. I’m confident we have the right team, strategy, and financial foundation in place to continue to navigate the challenges and opportunities ahead – meeting the needs of our 32 million customers around the world.”

“I continue to be extremely proud of our leadership, our employees and the overall resiliency of our diversified business strategy during these challenging times. We’ve started to transition the Institutional Retirement and Trust (IRT) business over to our platform and the strategic and cultural benefits are confirmed. The revenue and expense synergies will begin to emerge in the second half of 2021. Our position as a leading pension provider gives us new opportunities to expand our reach and accessibly more than ever before.”

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

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