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Principal Financial beats 1Q profit forecasts

DES MOINES, Iowa (AP) _ Principal Financial Group Inc. (PFG) on Thursday reported first-quarter net income of $348.9 million.

On a per-share basis, the Des Moines, Iowa-based company said it had net income of $1.19. Earnings, adjusted for investment costs, were $1.27 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

The financial services company posted revenue of $3.07 billion in the period.

Principal Financial shares have climbed 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 7 percent. In the final minutes of trading on Thursday, shares hit $65.18, a climb of 48 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFG at https://www.zacks.com/ap/PFG


Keywords: Principal Financial, Earnings Report