By Denny Jacob
Franklin Resources posted a higher fiscal second-quarter profit despite a slight decline in operating revenue in the latest quarter.
The financial-services holding company reported second-quarter net income of $151.4 million, or 26 cents a share, up from $124.2 million, or 23 cents a share, in the prior-year period.
Stripping out certain one-time items, earnings came in at 47 cents a share, matching analysts' estimates.
The San Mateo, Calif., company, which specializes in mutual funds and ETFs, posted operating revenue of $2.11 billion, compared with $2.15 billion in the prior-year period.
Chief Executive Jenny Johnson said gross sales increased across all asset classes in the quarter.
Assets under management were $1.541 trillion on March 31, down $35.1 billion during the quarter due to $26.2 billion of long-term net outflows, among other factors.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 02, 2025 08:57 ET (12:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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