© 2024 Arizent. All rights reserved.
Money Management Executive

Franklin Resources’ Profits Fall Along With Assets

April 29, 2003, 1:00 a.m. EDT 1 Min Read

Mutual fund giant Franklin Resources said late last week second-quarter earnings dropped nearly 9% as a continued slowdown in equity markets pared the value of assets under management.

The San Mateo, Calif.-based firm, which operates the Franklin and Templeton funds, posted a net profit of $109.6 million, or 43 cents a share, down from $120 million, or 46 cents a share, in the year-ago period. Wall Street analysts, on average, were expecting the company to earn 43 cents a share, according to Thomson Financial/First Call, the parent company of the publisher of Mutual Fund Market News. On a sequential basis, quarterly earnings came in flat.

Total revenue for the quarter fell to $613.1 million from $626 million last year. That was ahead of expectations of $607.8 million

Franklin’s assets under management dropped to $252.4 billion as of March 31, compared with $274.5 billion in the year-ago quarter.

The shares traded up 1.81%, or 64 cents, Monday on the New York Stock Exchange, to close at $35.43.

For reprint and licensing requests for this article, click here.
Money Management Executive
MORE FROM FINANCIAL PLANNING