NEW YORK (Thomson Financial) - Principal Financial Group Inc. reported late
Monday first-quarter net income available to common stockholders fell to $174.2
million, or 67 cents a share, from $257.1 million, or 95 cents a share, in the
same period a year earlier.
The latest results included net realized and unrealized capital losses of
$74.7 million, the company said.
Operating earnings for the quarter ended March 31 were $241.3 million, or 92
cents a share, compared with $236.8 million, or 87 cents a share, a year ago.
The mean estimate of analysts polled by Thomson Reuters was for earnings of
98 cents a share.
Total revenue for the three months period fell to $2.5 billion from last
year's $2.66 billion. Analysts had expected revenue of $2.87 billion.
The Des Moines, Iowa-based financial services company said the latest
results fell short of expectations, as poor equity markets put pressure on
fee-based businesses, and volatile conditions in the commercial mortgage-backed
securities market drove losses in the spread and securitization business.
The stock closed the regular session at $57.18.
Wanfeng Zhou
wz/gm
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|