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Franklin (BEN) Fiscal Q3 Earnings Beat on Lower Expenses
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Have you been eager to see how Franklin Resources Inc. (BEN - Free Report) performed in fiscal Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this CA-based popular asset management firm’s earnings release this morning:
An Earnings Beat
Franklin Resources came out with earnings per share of 77 cents, outpacing the Zacks Consensus Estimate of 66 cents. Lower operating expenses were responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Franklin Resources depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.
However, Franklin Resources has a disappointing earnings surprise history. Before posting earnings beat in fiscal Q3, the company delivered negative surprises in all the prior four quarters. Overall, the company lagged the Zacks Consensus Estimate by an average of 8.26% in the trailing four quarters.
Franklin Resources posted revenues of $1.63 billion, which surpassed the Zacks Consensus Estimate of $1.61 billion. However, it compared unfavorably with the year-ago number of $2.00 billion.
Key Stats to Note:
Operating expenses were down 16% year over year
Revenues were down 18% year over year
Assets Under Management were down 16% year over year
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Franklin Resources. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Franklin Resources earnings report!
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Franklin (BEN) Fiscal Q3 Earnings Beat on Lower Expenses
Have you been eager to see how Franklin Resources Inc. (BEN - Free Report) performed in fiscal Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this CA-based popular asset management firm’s earnings release this morning:
An Earnings Beat
Franklin Resources came out with earnings per share of 77 cents, outpacing the Zacks Consensus Estimate of 66 cents. Lower operating expenses were responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Franklin Resources depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.
However, Franklin Resources has a disappointing earnings surprise history. Before posting earnings beat in fiscal Q3, the company delivered negative surprises in all the prior four quarters. Overall, the company lagged the Zacks Consensus Estimate by an average of 8.26% in the trailing four quarters.
FRANKLIN RESOUR Price and EPS Surprise
FRANKLIN RESOUR Price and EPS Surprise | FRANKLIN RESOUR Quote
Revenue Came In Higher Than Expected
Franklin Resources posted revenues of $1.63 billion, which surpassed the Zacks Consensus Estimate of $1.61 billion. However, it compared unfavorably with the year-ago number of $2.00 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Franklin Resources. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Franklin Resources earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>