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
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