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Monday, November 03, 2008
Principal Financial Earnings Tumble 59%
By Adam Samson
FOXBusiness
Principal Financial Group (PFG) says its earnings plunged 59% in the third quarter, still beating analysts’ expectations.
Profit available to shareholders totaled $90.1 million, or 35 cents a share, in the third quarter, compared with $232 million in the same period last year.
Earnings excluding investments and other items, the metric analysts use as a comparison point, were $251 million, or 96 cents a share. Analysts polled by Thomson Reuters were expecting earnings of 91 cents per share.
The financial company racked up numerous investment-based losses. Among them were $114 million in fixed income securities, and $13 million from soured equity investments.
Shares of Principal Financial were lower by about 3.9% in after-hours trading.
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