Franklin Earnings Surge

The big mutual fund company beats analysts' estimates by a nickel.
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Money manager

Franklin Resources

(BEN) - Get Report

Thursday said profits jumped nearly 50% on strong fund inflows.

For its fiscal third quarter, San Mateo, Calif.-based Franklin earned $261.9 million, or $1 a share, compared with $173.9 million, or 67 cents a share, in the year-ago period. Revenue in the quarter was $1.1 billion, up from $868 million last year.

Analysts' consensus earnings estimate was 95 cents.

As of June 30, 2005, assets under management by the company's subsidiaries were $425.4 billion, compared with $412.1 billion as of the end of last quarter and $350.8 billion at the end of the third quarter last year.

Sales exceeded redemptions by $7.7 billion for the current quarter, compared with $11.5 billion for the prior quarter and $2 billion for the comparable quarter a year ago.

Early Thursday, Franklin shares were at $81.26.