Earnings Summary: Franklin Resources reports 8% growth in Q3 2024 revenue

Asset management company Franklin Resources, Inc. (NYSE: BEN) on Friday reported an increase in revenues for the third quarter of fiscal 2024.

• Third-quarter net income decreased to $174.0 million or $0.32 per share from $227.5 million or $0.44 per share last year
• Adjusted net income was $326.4 million or $0.60 per share in Q3, vs. $326.1 million or $0.63 per share in the prior-year quarter
• June-quarter operating income declined to $222.5 million from $314.9 million in the corresponding period of 2023
• Adjusted operating income came in at $424.9 million in Q3, compared to $476.8 million in the same quarter last year
• Total assets under management were $1.65 trillion on June 30, 2024, representing a $1.9 billion growth during the quarter
• At the end of the quarter, cash, cash equivalents, and investments were $5.6 billion; including the company’s direct investments in consolidated investment products, it was $6.8 billion
• The company repurchased 4.3 million shares of its common stock for a total cost of $101.5 million during the quarter