Franklin Resources Preliminary Earnings Fall as Operating Revenue Declines
26 October 2019 - 12:20AM
Dow Jones News
By Allison Prang
Franklin Resources Inc.'s (BEN) said its fourth-quarter profit
decreased on a preliminary basis as operating revenue declined and
assets under management fell.
Franklin reported a preliminary profit of $306.4 million, down
39% from the comparable quarter a year ago. Preliminary earnings
were 61 cents a share, down from 96 cents a share. Analysts polled
by FactSet were expecting 64 cents a share.
Operating revenue on a preliminary basis was $1.45 billion, down
4.9%. Analysts were expecting $1.46 billion.
Preliminary assets under management fell to $692.6 billion, down
3.4% from a year earlier.
Income taxes rose to $86.5 million from $7 million, the company
said, on a preliminary basis. The company's results for the
comparable quarter a year earlier had a $89.6 million tax reduction
from the new tax law, Franklin said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 25, 2019 09:05 ET (13:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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