Principal Financial Group (PFG) Tops Q4 EPS by 6c
Principal Financial Group (NASDAQ: PFG) reported Q4 EPS of $1.48, $0.06 better than the analyst estimate of $1.42.
Company Highlights
- Fourth quarter 2020 net income attributable to Principal Financial Group®, Inc. (PFG) of $472.6 million, or $1.70 per diluted share. Full year 2020 net income attributable to PFG of $1,395.8 million, or $5.05 per diluted share.
- Fourth quarter 2020 non-GAAP operating earnings1 of $409.6 million, or $1.48 per diluted share. Full year 2020 non-GAAP operating earnings of $1,366.4 million, or $4.94 per diluted share.
- Record assets under management (AUM) of $806.6 billion
- Company declared first quarter 2021 common stock dividend of $0.56 per share
“I’m proud of our accomplishments in 2020 and our ability to meet the year’s challenges head on,” said Dan Houston, chairman, president and chief executive officer of Principal. “Our diversified business model and strong financial position enabled us to focus on what matters most – the protection and well-being of our customers, employees, and communities. We finished the year strong with fourth quarter non-GAAP operating earnings of $410 million and $1.4 billion for full year 2020. We see momentum as we head into 2021 including the final migrations of our Institutional Retirement and Trust (IRT) customers to Principal, the resiliency and recovery of our small to medium-sized businesses, and the growing strength of our global asset management enterprise.“
“We’re in one of the best financial positions in our company’s history. Our balance sheet and underlying investments are high quality and performed exceptionally well in 2020’s stressed and volatile markets. Our capital deployment strategy is balanced and disciplined, focused on creating long-term shareholder value. In 2020, we deployed over $900 million of capital to common stock dividends and share repurchases. We restarted our share repurchase program in the fourth quarter with $75 million of buybacks. I look forward to 2021 knowing we have the right business model and enterprise strategy in place to help Principal grow and support our customers around the world.”
For earnings history and earnings-related data on Principal Financial Group (PFG) click here.