Earnings Report: Principal Financial Group (NYSE:PFG) Climbs on Solid Q4 Earnings

Shares of Principal Financial Group (NYSE:PFG) are trading 1.2% higher to $22.46 after hours Monday after the company reported Q4 operating EPS of $0.62, short of consensus estimates of $0.65.

Revenues for the quarter fell 6% year-over-year to $2.4 billion, narrowly missing consensus estimates of $2.5 billion.

Larry D. Zimpleman, chairman, president and CEO, commented, "Fourth quarter was a solid finish to a very solid year for The Principal, demonstrating the resiliency of our businesses. With improved market conditions and business fundamentals, the fourth quarter was a continuation of positive trends from the past two quarters.

"2009 was a year of strong management action to address some of the most challenging economic and market conditions in 75 years. We took the necessary actions to align expenses with revenues; we enhanced liquidity through the crisis; and we strengthened our capital position with our equity and debt capital raises. We also continued to implement our strategy to deliver sustainable, long-term growth by expanding our portfolio of employee benefit and investment offerings; adding new distribution alliances; and extending our joint venture with Banco do Brasil for 23 years."

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