Franklin Resources 3Q Profit Fell 39% on Tax Charge, Lower Margin
July 30 2019 - 9:17AM
Dow Jones News
By Adria Calatayud
Franklin Resources Inc. (BEN) said Tuesday that third-quarter
profit fell 39%, hit by a tax charge after a revision of its
estimated transition expense on the back of the U.S. tax reform of
2017, and a lower margin.
The California-based investment manager earned a net profit of
$245.9 million, or 48 cents a share, in the quarter ended June 30
compared with $402.0 million, or 75 cents, for the same period last
year.
Operating revenue fell to $1.48 billion in the quarter from
$1.56 billion a year earlier. Third-quarter operating margin was
25.4%, down from 32.3% in the year-earlier period, Franklin
said.
At June 30, assets under management stood at $715.2 billion, up
$2.9 billion over the quarter, as a $8.3 billion market gain was
partially offset by net outflows of $5.4 billion.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
July 30, 2019 09:02 ET (13:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Franklin Resources (NYSE:BEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Franklin Resources (NYSE:BEN)
Historical Stock Chart
From Apr 2023 to Apr 2024