Franklin Profit Nearly Triples to $355.6 Million

Franklin Resources reported its fiscal first-quarter profit for the quarter ended Dec. 31 nearly tripled to $355.6 million, or $1.54 per share, up from the $120.9 million, or 52 cents a share, it earned in the last quarter of 2008. Analysts had expected the company to earn $1.41 per share.

Revenue rose 42% to $1.38 billion, up from $969.3 million in the comparable year-ago period. Total assets under management 33% to $553.5 billion, up from $419.2 billion a year ago. Inflows accounted for $42.2 billion of that improved figure. In the quarter, inflows rose 52%, while redemptions fell 37% to $28.2 billion.