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Thursday, May 03, 2012

Franklin Reports "Good But Not Great" Earnings

News summary by MFWire's editors

Despite swinging back to positive inflows last quarter, Franklin Resources still disappointed some analysts and investors with its earnings results. Reuters reports that the San Mateo, California-based mutual fund firm's shares fell 3.3 percent yesterday, even as the Dow Jones index of asset managers fell 1.2 percent. Yet Franklin's earnings of $2.32 per share beat analysts' expectations of $2.22, according to Thomson Reuters.

Franklin posted inflows of $5.6 billion in the second quarter which ended March 31, below the $9 billion expected by Sandler O'Neill analyst Michael Kim. Nomura Securities analyst Glenn Schorr said the results were "good but not great."

Franklin's assets under management climbed to $724.7 billion by March 31. 

Edited by: HFD

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