EXHIBIT 99.1
benfy141231a01a76.jpg
 
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Contact:
Franklin Resources, Inc.
 
Investor Relations: Brian Sevilla (650) 312-4091
 
Media Relations: Matt Walsh (650) 312-2245
 
investors.franklinresources.com

FOR IMMEDIATE RELEASE

Franklin Resources, Inc. Announces Second Quarter Results

San Mateo, CA, April 26, 2018 - Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced net income1 of $443.2 million or $0.78 per diluted share for the quarter ended March 31, 2018, as compared to a net loss1 of $583.3 million or $1.06 per diluted share for the previous quarter, and net income1 of $420.7 million or $0.74 per diluted share for the quarter ended March 31, 2017. The net loss1 for the previous quarter included an estimated income tax charge2 of $1.1 billion or $1.94 per diluted share resulting from enactment of the Tax Cuts and Jobs Act of 2017.

“The Company’s financial results continue to be strong, and we remain focused on enhancing shareholder value,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “Diluted earnings per share for the quarter were up 5% from the previous year and reached their highest level since the fourth fiscal quarter of 2016. During the quarter, we announced a special cash dividend in the amount of $3.00 per share, in addition to the regular quarterly cash dividend, and we outlined our plans to invest further in the business. The Board of Directors also authorized the Company to repurchase up to an additional 80.0 million shares of its common stock.”

“Investment performance trends for our U.S. and cross-border mutual funds continue to be mixed, partly a reflection of the value discipline adhered to by much of our equity product offerings. Over the past decade, we’ve witnessed one of the longest periods of growth investing outperformance. However, we feel that given the recent market volatility, a rising interest rate environment, and simply the cyclical nature of growth versus value, our investment teams are well positioned for the inevitable return of value outperformance.”
 
 
Quarter Ended
 
% Change
 
Quarter Ended
 
% Change
 
 
31-Mar-18
 
31-Dec-17
 
Qtr. vs. Qtr.
31-Mar-17
 
Year vs. Year
Financial Results
 
 
 
 
 
 
 
 
 
(in millions, except per share data)
 
 
 
 
 
 
 
 
 
Operating revenues
 
$
1,617.8

 
$
1,615.5

 
0
%
$
1,600.6

 
1
%
Operating income
 
555.7

 
581.1

 
(4
%)
555.5

 
0
%
Operating margin
 
34.3
%

36.0
%


34.7
%
 


 
 
 
 
 
 

 
 


Net income (loss) 1
 
$
443.2

 
$
(583.3
)
 
NM

$
420.7

 
5
%
Diluted earnings (loss) per share
 
0.78

 
(1.06
)
 
NM

0.74

 
5
%
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
(in billions)
 
 
 
 
 
 
 
 
 
Ending
 
$
737.5

 
$
753.8

 
(2
%)
$
740.0

 
0
%
Average 3
 
751.8

 
752.7

 
0
%
731.7

 
3
%
Net flows
 
(10.0
)
 
(2.3
)
 


(11.0
)
 



1

The following information was filed by Franklin Resources Inc (BEN) on Thursday, April 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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