Earnings Report: Principal Financial Group Misses Q2 Estimates, AUM Rises 10%

Principal Financial Group (NYSE:PFG) reported Q2 EPS of $0.63, missing consensus estimates of $0.66. Revenues fell 0.85% year-over-year to $2.32 billion, less than the consensus estimates of $2.38 billion. The company reported assets under management rose 10% year-over-year to $284.7 billion.

Chairman and CEO Larry Donald Zimpleman said, " Compared to 2009, we've delivered double-digit growth in assets under management, operating earnings, net income and book value per share. This reflects not only ongoing improvement in credit and equity market conditions, but also strong execution of our strategy, and ongoing discipline around expenses and the investment portfolio."

SmarTrend alerted subscribers to take profits in Principal Financial Group on May 20, 2010 at $26.83, since then the stock fell 2.4%. We are now watching for any developments that could result in a new entry point.

Category:

News & Politics

Tags:

• Principal
• Financial
• Group
• PFG
• Stock
• News
• Trading
• Earnings
• EPS