Franklin Resources Inc. (BEN) reported a drop in third-quarter net income attributable to the company to $455.27 million or $2.12 per share, from $503.35 million or $2.26 per share in the 2011 period. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $2.05 for the quarter. Analysts' estimates typically exclude one-time items.
Operating revenues for the latest quarter totaled $1.78 billion, down 4% from last year's $1.85 billion, whereas 13 analysts estimated revenues of $1.80 billion for the quarter.
Total assets under management or "AUM" were $707.1 billion at June 30, 2012, a $18.6 billion or 3% decline during the quarter. The decrease was due mainly to $22.5 billion in market depreciation, partially offset by net new flows of $4.8 billion.
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