EXHIBIT 99.1
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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 Preliminary Fourth Quarter and Fiscal Year Results

San Mateo, CA, October 25, 2018 – Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced preliminary net income1 of $502.5 million or $0.96 per diluted share for the quarter ended September 30, 2018, which included an $89.6 million or $0.17 per diluted share reduction of the estimated income tax charge2 resulting from enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Net income for the previous quarter was $402.0 million or $0.75 per diluted share, and $425.2 million or $0.76 per diluted share for the quarter ended September 30, 2017. Preliminary net income1 for the year ended September 30, 2018 was $764.4 million or $1.39 per diluted share, which included an estimated income tax charge2 of $968.8 million or $1.80 per diluted share resulting from the Tax Act, as compared to $1,696.7 million or $3.01 per diluted share for the previous year.

“There were a number of noteworthy developments in fiscal year 2018,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “As announced earlier this morning, we have entered into an agreement to acquire Benefit Street Partners, with its $26 billion in assets under management. This acquisition will give us exposure to the private credit asset class, including distressed credit, which will complement our existing capabilities and allow us to expand the strategies we offer to our clients. This transaction will be in addition to the acquisitions of Edinburgh Partners and Random Forest earlier this year.

“We also continue to act on several multi-year strategic focus areas to augment our core business and fuel future growth. In fiscal year 2018, this included building out our multi-asset solutions business, promoting and expanding our ETF platform, and growing our alternatives investment capabilities.”
 
 
Quarter Ended
 
% Change
 
Quarter Ended
 
% Change
 
Fiscal Year Ended September 30,
 
% Change
 
 
30-Sep-18
 
30-Jun-18
 
Qtr. vs. Qtr.
30-Sep-17
 
Year vs. Year
2018
 
2017
 
Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenues
 
$
1,527.2

 
$
1,558.6

 
(2
%)
$
1,616.9

 
(6
%)
$
6,319.1

 
$
6,392.2

 
(1
%)
Operating income
 
478.7

 
503.1

 
(5
%)
557.7

 
(14
%)
2,118.6

 
2,264.3

 
(6
%)
Operating margin
 
31.3
%

32.3
%


34.5
%
 


33.5
%
 
35.4
%
 
 
 
 
 
 
 
 

 
 


 
 
 
 
 
Net income 1
 
$
502.5

 
$
402.0

 
25
%
$
425.2

 
18
%
$
764.4

 
$
1,696.7

 
(55
%)
Diluted earnings per share
 
0.96

 
0.75

 
28
%
0.76

 
26
%
1.39

 
3.01

 
(54
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
 
 
 
 
(in billions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending
 
$
717.1

 
$
724.1

 
(1
%)
$
753.2

 
(5
%)
$
717.1

 
$
753.2

 
(5
%)
Average 3
 
724.3

 
731.7

 
(1
%)
749.0

 
(3
%)
740.5

 
736.9

 
0
%
Net flows
 
(13.6
)
 
(12.1
)
 


(5.9
)
 


(38.0
)
 
(38.6
)
 
 

1

The following information was filed by Franklin Resources Inc (BEN) on Thursday, October 25, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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