Principal guidance: More overseas purchases; fewer stock buybacks
Monday, December 09, 2013 4:33 PM
Principal Financial Group Inc. said this morning that it will seek additional overseas acquisitions next year but will probably slow its stock repurchases, Bloomberg reported.
The Des Moines-based financial services company is "evaluating additional acquisitions, most in the international asset-management businesses," Chief Financial Officer Terry Lillis said today on a conference call with analysts. "While share repurchase remains in our portfolio for capital deployment, we expect a relatively lower amount of share repurchase in 2014 than in the past few years," he said.
Principal plans to deploy $500 million to $700 million in capital during 2014, company officials said. That compares with about $400 million to $600 million this year, which includes $150 million for share repurchases and $288 million for common stock dividends.
The company may also use cash to pay down debt, Bloomberg reported.
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