Franklin Resources' Profit Jumps

 

Franklin Resources(BEN Quote) reported a rise in quarterly profit Thursday, beating Wall Street estimates.

The manager of Franklin Templeton Investments posted fiscal fourth-quarter net income of $152.1 million, or 61 cents a share, more than double the $68.5 million, or 26 cents a share, it posted in the same period the prior year. Wall Street had forecast 56 cents a share.

Revenue rose to $722 million from $608.3 million a year earlier, with the help of higher fees from investment management, underwriting and shareholder servicing. Analysts had expected revenue of $710.4 million.

Assets under management increased to $301.9 billion from $247.8 billion in the same quarter a year earlier.

The asset mix tilted toward equities, which now represent 51% of total assets under management, compared with 48% a year ago. Fixed income now represents 32% of total assets, down from 35% in the same period last year.

The stock was fractionally lower at $45.43 in midday trading Thursday.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin




Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,023.42 1,069.30 2,112.44 35.03
Oil *
76.05
UP
17.46
UP
2.67
UP
7.12
DOWN
0.30
10 Yr
3.50%
SPDR Gold
107.43
+0.17%
+0.25%
+0.34%
-0.85%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services