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SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Friday reported fiscal second-quarter net income of $151.4 million.
The San Mateo, California-based company said it had net income of 26 cents per share. Earnings, adjusted for one-time gains and costs, were 47 cents per share.
The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of 47 cents per share.
The investment manager posted revenue of $2.11 billion in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $1.98 billion.
Franklin Resources shares have dropped almost 8% since the beginning of the year, while the S&P's 500 index has declined nearly 5%. The stock has decreased 18% 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