Franklin Resources Inc. Q1 Profit Decreases, misses estimates

(RTTNews) - Franklin Resources Inc. (BEN) revealed earnings for first quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $165.6 million, or $0.32 per share. This compares with $453.2 million, or $0.88 per share, in last year's first quarter.

Excluding items, Franklin Resources Inc. reported adjusted earnings of $262.4 million or $0.51 per share for the period.

Analysts on average had expected the company to earn $0.54 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.3% to $1.97 billion from $2.22 billion last year.

Franklin Resources Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $165.6 Mln. vs. $453.2 Mln. last year. -EPS (Q1): $0.32 vs. $0.88 last year. -Analyst Estimates: $0.54 -Revenue (Q1): $1.97 Bln vs. $2.22 Bln last year.