Franklin Resources, Inc. (BEN) Friday reported an increase in profit for the first quarter, helped by higher revenues.
Net income increased to $504.7 million from $493.7 million last year. Net income for the quarter increased to $516.1 million or $2.42 per share from $480.8 million or $2.20 per share in the same period last year.
On average, 20 analysts polled by Thomson Reuters expected the company to earn $2.38 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues totaled $1.90 billion, up 12 percent from $1.70 billion last year. Analysts expected revenues of $1.90 billion.
Total assets under management amounted to $781.8 billion, up 4 percent from $749.9 billion last year.
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