SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Friday reported fiscal first-quarter profit of $163.6 million.
The San Mateo, California-based company said it had profit of 29 cents per share. Earnings, adjusted for one-time gains and costs, came to 59 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The investment manager posted revenue of $2.25 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.1 billion.
Franklin Resources shares have fallen nearly 1% since the beginning of the year, while the S&P's 500 index has risen 27%. The stock has dropped 26% 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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