Earnings Report: Principal Financial Group Q1 Net Income Up 69% YoY

Principal Financial Group (NYSE:PFG) reported fiscal first quarter net income of $190.8 million, or $0.59 per share, a 69% increase from $112.8 million, or $0.43 per share, in the year-ago period.

Operating earnings for the quarter were $255.6 million, or $0.79 per share, compared to $164.0 million, or $0.63 per share, for the first quarter of 2009.

Revenues for the quarter rose 3% year-over-year to $2.33 billion, up from $2.26 billion.

On average, analysts expected first quarter EPS of $0.68 on revenues of $2.40 billion.

"First quarter was a very solid start to the year, as we continue to position the company for sustainable, profitable growth as the recovery builds over time," said Larry D. Zimpleman, chairman, president and chief executive officer. "We delivered significant improvement in operating earnings, EPS, net income, AUM and book value per share, reflecting improved credit and equity market conditions, and our ongoing discipline around expenses and the investment portfolio."

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