Franklin Resources, Inc. (BEN) reported on Friday that its net income for the third quarter decreased to $174.0 million, or $0.32 per share, compared to $227.5 million, or $0.44 per share, in the same period last year.
When excluding special items, the adjusted net income for the quarter was $0.60 per share, down from $0.63 per share in the previous year's quarter.
The company experienced an 8 percent increase in total operating revenue, which rose to $2.12 billion from $1.97 billion in the corresponding quarter of the previous year.
According to an average of estimates from eight analysts surveyed by Thomson Reuters, the market had anticipated earnings of $0.57 per share with revenues reaching $1.66 billion for the quarter. It should be noted that analysts' forecasts typically do not account for special items.
