SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Monday reported fiscal second-quarter net income of $124.2 million.
The San Mateo, California-based company said it had profit of 23 cents per share. Earnings, adjusted for one-time gains and costs, were 56 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The investment manager posted revenue of $2.15 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.09 billion.
Franklin Resources shares have declined 16% since the beginning of the year, while the S&P’s 500 index has risen nearly 7%. The stock has decreased 6% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BEN at https://www.zacks.com/ap/BEN
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
