Principal Financial Group Beats Earnings Estimates (PFG)

Des Moines, Iowa based asset management company Principal Financial Group Inc PFG announced after the market closed on Monday that it beat consensus Wall Street earnings estimates. Principal Financial Group Inc reported that its 3rd quarter net income fell to $142.2 million, or 44 cents per share, down from $184.7 million, or 57 cents per share, a year earlier. The company's operating earnings came in at 68 cents per share. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 63 cents per share. Chairman, president and chief executive officer Larry D. Zimpleman said, “The Principal® continued to deliver strong financial results during the third quarter. Compared to 2009, on a year-to-date basis, operating earnings are up 19 percent while average assets under management are up 12 percent. This reflects strong execution in an economic environment that is improving slowly. Importantly, we're seeing increasing signs of growth across our businesses. Highlights for the quarter include strong net cash flow in Principal Funds, Principal Global Investors and Principal International." Principal Financial Group Inc (PFG)closed Monday trading at $26.99 per share. Analysts covering the company's stock give it a consensus price target of $30.56 per share. Read more from Benzinga's Company news.