Earnings Snapshot of Franklin Resources for Q2 2024: Lower Earnings Despite Revenue Growth
Monday, 29 April 2024, 13:19
Franklin Resources Q2 2024 Earnings Report
Asset management company Franklin Resources, Inc. (NYSE: BEN) Monday announced financial results for the second quarter of fiscal 2024, reporting lower adjusted earnings despite an increase in revenues.
Key Highlights:
- Second-quarter revenues increased 12% to $2.15 billion from $1.93 billion in the prior-year period
- Investment management fees, the primary revenue source, rose 9% annually to $1.71 billion
- Net income decreased to $124.2 million or $0.23 per share in Q1 from $194.2 million or $0.38 per share a year earlier
- On an adjusted basis, Q1 earnings dropped to $306.6 million or $0.56 per share from $316.7 million or $0.61 per share in Q1 2023
- Q1 operating income was $129.3 million, compared to $255.1 million in the same period of the previous year
- Total assets under management were $1,644.7 billion at the end of March 2024, up $189.2 billion or 13% during the quarter
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.