Asset management company Franklin Resources, Inc. (NYSE: BEN) has reported financial results for the third quarter of fiscal 2023.
- Third-quarter net income decreased to $227.5 million or $0.44 per share from $256.4 million or $0.50 per share in the prior-year period
- Operating income was $314.9 million in the three-month period, compared to $404.7 million in the same period of 2022
- Adjusted net income came in at $326.1 million or $0.63 per share in Q3, lower than $416.0 million or $0.82 per share reported in the year-ago quarter
- Total assets under management were $1.43 billion in the June quarter, up 4% from the prior-year period; the increase reflects a positive impact from market change, distributions, and long-term net inflows
- Cash and cash equivalents and investments were $6.0 billion at the end of the quarter; including the company’s direct investments in consolidated investment products, it was $6.9 billion