SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Monday reported a fiscal fourth-quarter loss of $84.7 million, after reporting a profit in the same period a year earlier.
The San Mateo, California-based company said it had a loss of 19 cents per share. Earnings, adjusted for one-time gains and costs, came to 59 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The investment manager posted revenue of $2.21 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.12 billion.
For the year, the company reported profit of $464.8 million, or 85 cents per share. Revenue was reported as $8.48 billion.
Franklin Resources shares have dropped 30% since the beginning of the year, while the S&P’s 500 index has increased 20%. The stock has declined 11% in the last 12 months.
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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
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