by Christopher Freeburn | July 30, 2012 11:56 am
Franklin Resources (NYSE:BEN) announced on Monday that it earned $455.3 million during its fiscal third quarter, down from $503.3 million during the same period last year.
Operating revenue declined from $1.85 billion in 2011, to $1.78 billion in the third quarter.
EPS for the quarter was $2.12. That topped Wall Street, which was looking for $2.04 a share, Reuters noted.
The company said that assets under management dropped to $707.1 billion, down from $734.2 billion last year. That was also down from $725.7 billion at the end of the second fiscal quarter in March.
Net new flows from clients fell to $4.8 billion during the quarter, down from $21.7 billion in 2011, and from $5.6 billion during the second fiscal quarter.
Analysts cited by Reuters were pleased with the earnings performance and predicted continued share price growth.
Shares of Franklin Resources rose more than 2% in Monday morning trading.
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