Franklin Resources Preliminary Earnings Fall as Operating Revenue Declines

By Allison Prang

Franklin Resources Inc.'s (BEN) said its fourth-quarter profit decreased on a preliminary basis as operating revenue declined and assets under management fell.

Franklin reported a preliminary profit of $306.4 million, down 39% from the comparable quarter a year ago. Preliminary earnings were 61 cents a share, down from 96 cents a share. Analysts polled by FactSet were expecting 64 cents a share.

Operating revenue on a preliminary basis was $1.45 billion, down 4.9%. Analysts were expecting $1.46 billion.

Preliminary assets under management fell to $692.6 billion, down 3.4% from a year earlier.

Income taxes rose to $86.5 million from $7 million, the company said, on a preliminary basis. The company's results for the comparable quarter a year earlier had a $89.6 million tax reduction from the new tax law, Franklin said.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 25, 2019 09:05 ET (13:05 GMT)

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