Franklin Resources Profit Falls in 2Q But Beats Views

By Kimberly Chin

Franklin Resources Inc. (BEN) said second-quarter earnings fell though it beat estimates on the top and bottom line.

For the three month period ended March 31, the investment manager posted quarterly net income of $367.5 million, or 72 cents a share, down from $443.2 million, or 78 cents a share, a year ago. Analysts polled by Refintiv were looking for profit of 62 cents a share.

Operating revenue fell 11% to $1.43 billion from a year earlier. Analysts were looking for $1.41 billion.

At March 31, total assets under management for Franklin Resources were $712.3 billion, up 10% during the quarter due to a $42.3 billion net market change and distributions and $26.4 billion from its acquisition of Benefit Street Partners LLC. It had $6.3 billion in outflows.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 26, 2019 09:09 ET (13:09 GMT)

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