Franklin Resources Reports Strong Q1 Earnings, Exceeding Estimates
SAN MATEO, Calif. - Franklin Resources Inc. (BEN) reported fiscal first-quarter earnings of $163.6 million on Friday. The San Mateo-based company recorded earnings per share of 29 cents. Adjusted for non-recurring items, earnings reached 59 cents per share, outperforming Wall Street expectations.
A survey of seven analysts by Zacks Investment Research had estimated earnings of 53 cents per share. Franklin Resources also reported revenue of $2.25 billion for the period, surpassing analyst forecasts of $2.1 billion based on a survey by Zacks.
Since the beginning of the year, Franklin Resources shares have declined nearly 1%, while the S&P 500 index has gained 27%. Over the past 12 months, the stock has dropped by 26%.