Asset management company Franklin Resources, Inc. (NYSE: BEN) has reported an increase in revenues for the first quarter of fiscal 2025.
- First-quarter net income was $163.6 million or $0.29 per share, compared to a loss of $84.7 million or $0.19 per share in Q1 2024
- Adjusted earnings for the quarter remained unchanged year-over-year at $0.59 per share
- Operating revenue increased 2% to $2.25 billion in the first quarter from $2.21 billion a year earlier
- December-quarter operating income came in at $219 million, compared to a loss of $150.7 million in the prior-year period
- Adjusted operating income was $412.8 million in Q1, compared to $451.6 million in the same quarter last year
- Total assets under management were $1.58 trillion as of December 31, 2024
- At the end of the quarter, cash, cash equivalents, and investments were $6.3 billion, including the company’s direct investments in consolidated investment products