SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Friday reported fiscal third-quarter profit of $171.5 million.
On a per-share basis, the San Mateo, California-based company said it had net income of 31 cents. Earnings, adjusted for one-time gains and costs, were 72 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The investment manager posted revenue of $2.36 billion in the period.
Franklin Resources shares have climbed 39% since the beginning of the year, while the S&P’s 500 index has climbed nearly 9%. The stock has climbed 36% in the last 12 months.
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