Principal Financial Q1 Profit Tops Estimate; Boosts Dividend

(RTTNews) - Principal Financial Group, Inc. (PFG) reported net income for first quarter of $414.2 million or $1.39 per share, compared to $293.7 million or $0.95 per share for the year-ago quarter.

Operating earnings for the first quarter were $326.4 million or $1.09 per share, compared to $317.1 million or $1.06 per share in the prior year quarter.

Operating revenues for first quarter rose 2% to $2.54 billion from $2.50 billion a year ago.

Fee income increased 7% to $884.8 million in the first quarter from $829.6 million last year, due to strong AUM growth.

Analysts polled by Thomson Reuters expected the company to earn $1.05 per share on revenue of $2.57 billion for the first quarter. Analysts' estimates typically exclude special items.

The company said its Board of Directors has authorized a quarterly dividend of $0.38 per common share for second quarter 2015, a 6% increase over first quarter 2015. The dividend will be payable on June 26 to shareholders of record as of June 8.