Asset management company Franklin Resources, Inc. (NYSE: BEN) Monday announced financial results for the second quarter of fiscal 2024, reporting lower adjusted earnings despite an increase in revenues.
- Second-quarter revenues increased 12% to $2.15 billion from $1.93 billion in the prior-year period
- Investment management fees, the primary revenue source, rose 9% annually to $1.71 billion
- Net income decreased to $124.2 million or $0.23 per share in Q1 from $194.2 million or $0.38 per share a year earlier
- On an adjusted basis, Q1 earnings dropped to $306.6 million or $0.56 per share from $316.7 million or $0.61 per share in Q1 2023
- Q1 operating income was $129.3 million, compared to $255.1 million in the same period of the previous year
- Total assets under management were $1,644.7 billion at the end of March 2024, up $189.2 billion or 13% during the quarter