Principal Financial reports 4Q profit
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Associated Press - February 8, 2010 5:24 PM ET
DES MOINES, Iowa (AP) - Des Moines-based Principal Financial Group Inc., an insurance, retirement and financial services company, is reporting a profit thanks in part to cost cutting.
The company on Monday reported net income of $141.9 million, or 44 cents per share, compared with a loss of $7.5 million, or 3 cents per share a year ago.
Revenue slipped to $2.23 billion from $2.28 billion a year ago.
Expenses fell to $2.06 billion from $2.34 billion.
Net realized capital losses fell to $59.1 million from $188.98 million a year ago.
Excluding the capital losses of 18 cents per share, the company reported 62 cents per share.
Analysts surveyed by Thomson Reuters expected 65 cents per share.
For the year, Principal earned $589.7 million, or $1.97 per share, up from $425.1 million, or $1.63 per share.
Shares fell 27 cents, or 1.2 percent, to close at $22.19. They lost another 3 cents in aftermarket trading.
The company reported results after the market closed for the day.
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