Principal Financial Group, Inc. (NYSE:PFG) today announced results for first quarter 2014.
- Operating earnings increased 36 percent to $317.1 million for first quarter 2014, compared to $233.3 million for first quarter 2013. Operating earnings per diluted share (EPS) increased 34 percent to $1.06 for first quarter 2014, compared to $0.79 for first quarter 2013.
- Net income available to common stockholders for first quarter 2014 increased 65 percent to $293.7 million, or $0.95 per diluted share, compared to $178.3 million, or $0.61 per diluted share for first quarter 2013.
- Operating revenues for first quarter 2014 were $2,499.3 million, an increase of 12 percent, compared to $2,238.3 million for first quarter 2013.
- Quarterly dividend of $0.32 per share of common stock for second quarter 2014 authorized by its Board of Directors, a 14 percent increase over first quarter 2014. The dividend will be payable on June 27, 2014, to shareholders of record as of June 9, 2014.
“First quarter 2014 continued the strong business momentum from 2013, with record quarterly operating earnings, record assets under management and a 13 percent return on equity, which was a 90 basis point increase over year-end 2013,” says Larry D. Zimpleman, chairman, president and chief executive officer. “We continue to benefit from the diversification of our business model as well as the successful execution of our investment management strategy, allowing us to meet the growing global need for financial security.”
Added Terry Lillis, executive vice president and chief financial officer, “Our capital deployment strategy continues to be a clear differentiator and a priority as we further increase shareholder value. Today we’re announcing a $0.32 common stock dividend payable in the second quarter, which is a 14 percent increase over the first quarter dividend. In addition, we bought back more than $72 million of shares in first quarter, reduced our debt leverage and continue to be in a strong financial position to consider further strategic acquisition opportunities. Our fee-based business model and financial flexibility are the key ingredients for continued success going forward.”