Franklin Resources Inc. Earnings: Keeping the Profitability Streak Alive
S&P 500 (NYSE:SPY) component Franklin Resources Inc. (NYSE:BEN) reported its results for the second quarter. Franklin Resources is a global investment manager that offers investment vehicles for clients, including individuals, institutions, and trusts.
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Franklin Resources Earnings Cheat Sheet for the Second Quarter
Results: Net income for the finance-investment management remained steady at $503.2 million from a year earlier. On a per share basis, earnings rose to $2.32 per diluted share from $2.25 a share.
Revenue: Rose 2.8% to $1.8 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Franklin Resources Inc. beat the mean analyst estimate of $2.23 per share. It beat the average revenue estimate of $1.74 billion.
The company has beaten estiamtes for two quarters in a row. In the first quarter, it topped expectations with net income of $2.20 versus a mean estimate of net income of $2.10 per share.
Net income has increased 17.6% year-over-year on average across the last five quarters. The biggest gain came in the second quarter of the last fiscal year, when income climbed 41% from the year-earlier quarter.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the third quarter has moved up from $2.16 a share to $2.25 over the last ninety days. For the fiscal year, the average estimate has moved up from $8.55 a share to $8.99 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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