Franklin Resources Second-Quarter Net Profit Rises 5.3%
April 26 2018 - 9:18AM
Dow Jones News
By Adria Calatayud
Franklin Resources Inc. (BEN) said Thursday that second-quarter
net profit rose 5.3%, despite recording net outflows of $10.0
billion.
The San Mateo, Calif.-based asset manager earned a quarterly
profit of $443.2 million, or 78 cents a diluted share, compared
with $420.7 million, or 74 cents, for the same period last year.
Analysts expected a profit of $411.5 million, or 75 cents a share,
according to FactSet.
Sales rose 1.1% to $1.62 billion, from $1.60 billion for the
quarter ended March 31, 2017. This compares with analysts forecasts
of $1.58 billion according to FactSet.
Assets under management stood at $737.5 billion at the end of
the quarter, down from $753.8 billion as of Dec. 31. The company
recorded net outflows of $10.0 billion in the second quarter of
fiscal 2018, it said.
"We feel that given the recent market volatility, a rising
interest rate environment, and simply the cyclical nature of growth
versus value, our investment teams are well positioned for the
inevitable return of value outperformance," Franklin Resources
Chairman and Chief Executive Greg Johnson said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
April 26, 2018 09:03 ET (13:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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