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UPDATE 1-Franklin Resources Flows Up, Misses on Earnings

Friday, 29 Oct 2010 12:00 AM

 

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* Fiscal Q4 EPS $1.65 misses estimates of $1.74

* Inflows of $19.4 bln vs $18.8 bln prior quarter

BOSTON (Reuters) - Asset manager Franklin Resources Inc said profit in its fiscal fourth quarter rose slightly as investors put more money into its funds, but missed analyst expectations.

The San Mateo, California, parent of Franklin Templeton Investments said for the three months ended Sept. 30 it had net income of $372.9 million, or $1.65 per share, compared with $367.4 million, or $1.59 per share, in the same period a year earlier.

Analysts surveyed by Thomson Reuters I/B/E/S had on average expected the company to earn $1.74 per share on revenue of $1.56 billion. Revenue came in at $1.53 billion.

But net new flows into the company's funds rose to $19.4 billion from $18.8 billion in the prior quarter and from $12.2 billion in the year-ago quarter. In contrast, some competitors including Legg Mason Inc and AllianceBernstein Holding LP have recently reported outflows for the September quarter. (Reporting by Ross Kerber, editing by Gerald E. McCormick)

© 2014 Thomson/Reuters. All rights reserved.

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