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Franklin Resources Inc. (BEN-1.25%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $2,251.6 million from $1,991.1 million in the same quarter the previous year. This increase is attributed to higher investment management fees and sales and distribution fees.
Operating expenses increased to $2,032.6 million from $1,784.6 million, primarily due to higher sales, distribution, and marketing expenses, as well as increased information systems and technology costs.
Net income attributable to Franklin Resources, Inc. was $163.6 million, down from $251.3 million in the previous year. The decline is attributed to lower investment and other income.
The company reported a diluted earnings per share of $0.29, compared to $0.50 in the previous year.
Assets under management (AUM) decreased to $1,575.7 billion from $1,678.6 billion at the beginning of the quarter, due to net market changes and long-term net outflows.
The filing details various legal proceedings, including ongoing investigations by the SEC and DOJ related to Western Asset Management, and litigation involving Blockchain Innovation, LLC.
Franklin Resources does not anticipate significant changes in its dividend policy and continues to focus on strategic investments and acquisitions to drive growth.
The company maintains a strong liquidity position with total liquid assets of $5,151.5 million and outstanding debt of $2,775.8 million.
Franklin Resources' management discusses the impact of global economic conditions on its operations and emphasizes the importance of maintaining a diverse product mix to meet client needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Franklin Resources Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.