Franklin Resources: Fiscal 1Q Earnings Snapshot
SAN MATEO, Calif. (AP) _ Franklin Resources Inc. (BEN) on Wednesday reported fiscal first-quarter net income of $275.9 million, after reporting a loss in the same period a year earlier.
The San Mateo, California-based company said it had net income of 54 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
The investment manager posted revenue of $1.41 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $1.43 billion.
Franklin Resources shares have risen 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has decreased 31 percent in the last 12 months.