WASHINGTON (dpa-AFX) - Investment manager Franklin Resources, Inc. (BEN) announced Friday that net income for the first quarter declined to $163.6 million or $0.29 per share from $251.3 million or $0.50 per share in the prior-year quarter.
Excluding item, adjusted net income for the quarter was $0.59 per share, compared to $0.65 per share in the year-ago quarter.
Total operating revenue for the quarter increased 13 percent to $2.25 billion from $1.99 billion in the same quarter last year.
On average, analysts polled expected the company to report earnings of $0.53 per share on revenues of $2.49 billion for the quarter. Analysts' estimates typically exclude special items.
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