Asset management company Franklin Resources, Inc. (NYSE: BEN) has reported financial results for the first quarter of fiscal 2024.
- Q1 net income increased to $251.3 million or $0.50 per share from $165.6 million or $0.32 per share in the first quarter of 2023
- Adjusted net income was $328.5 million or $0.65 per share in Q1, vs. $262.4 million or $0.51 per share a year earlier
- Operating income was $206.5 million in the December quarter, compared to $194.0 million in the prior-year quarter
- Total assets under management came in at $1.46 trillion in the three months, up 5% from the year-ago quarter
- At the end of the quarter, the company had cash, cash equivalents, and investments of $6.7 billion, including its direct investments in consolidated investment products
- Total stockholders’ equity was $12.6 billion, with 494.7 million shares of common stock outstanding on December 31
- Franklin repurchased 2.4 million shares of its common stock for a total cost of $58.8 million in the first quarter