Principal Financial Group (NASDAQ: PFG) reported Q4 EPS of $1.11, $0.19 worse than the analyst estimate of $1.30.

• Net income attributable to PFG for fourth quarter 2018 of $236.5 million, compared to $841.8 million for fourth quarter 2017. Net income per diluted share of $0.83 for fourth quarter 2018 compared to $2.87 in prior year quarter. For the 12 months ending Dec. 31, 2018, net income attributable to PFG of $1,546.5 million, or $5.36 per diluted share, compared to a record $2,310.4 million, or $7.88 per diluted share, for the 12 months ending Dec. 31, 2017. 2017 net income includes a $568.3 million net benefit from the Tax Cuts and Jobs Act in fourth quarter and a $410.8 million benefit from a real estate exchange with one of our joint venture partners in third quarter.
• Non-GAAP operating earnings for fourth quarter 2018 of $316.1 million, compared to $350.8 million for fourth quarter 2017. Non-GAAP operating earnings per diluted share of $1.11 for fourth quarter 2018 compared to $1.19 for fourth quarter 2017. For the 12 months ending Dec. 31, 2018, record non-GAAP operating earnings of $1,597.5 million, or $5.53 per diluted share, compared to $1,478.6 million, or $5.04 per diluted share, for the 12 months ending Dec. 31, 2017.
• Quarterly common stock dividend of $0.54 per share for first quarter 2019 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.13 per share, a 10 percent increase compared to the prior year trailing twelve-month period. The dividend will be payable on Mar. 29, 2019, to shareholders of record as of Mar. 4, 2019.

“While macroeconomic conditions presented challenges in the fourth quarter of 2018, full year 2018 non-GAAP operating earnings were a record $1.6 billion and increased 8 percent over 2017 reflecting the strong execution of our strategy across our diversified businesses,” said Dan Houston, chairman, president and CEO. “We continued to balance investments for growth with expense discipline, demonstrating our commitment to creating long-term value for shareholders. In total, we deployed $1.4 billion of capital in 2018 as we returned more than $1.2 billion to shareholders through share repurchases and common stock dividends and we committed $140 million to strategic acquisitions. Looking to 2019 and beyond, I am confident that we are well-positioned to address changing customer needs and to capitalize on the substantial growth opportunities in our markets around the world.”

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