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 First Quarter Results

San Mateo, CA, January 30, 2020 – Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced net income1 of $350.5 million or $0.70 per diluted share for the quarter ended December 31, 2019, as compared to $306.4 million or $0.61 per diluted share for the previous quarter, and $275.9 million or $0.54 per diluted share for the quarter ended December 31, 2018.

“Through sound expense discipline, we were encouraged to see a second consecutive quarter of significant net income increases, even as net redemptions have continued,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “We’re making strong progress on our important long-term focus areas, including the recently announced acquisitions of Athena Capital and Pennsylvania Trust which will expand Fiduciary Trust, our high-net-worth business, by nearly 50% in assets under management.”
 
 
Quarter Ended
 
% Change
 
Quarter Ended
 
% Change
 
 
31-Dec-19
 
30-Sep-19
 
Qtr. vs. Qtr.
31-Dec-18
 
Year vs. Year
Financial Results
 
 
 
 
 
 
 
 
 
(in millions, except per share data)
 
 
 
 
 
 
 
 
 
Operating revenues
 
$
1,412.7

 
$
1,452.5

 
(3
%)
$
1,411.5

 
0
%
Operating income
 
392.7

 
391.5

 
0
%
411.5

 
(5
%)
Operating margin
 
27.8
%

27.0
%


29.2
%
 


 
 
 
 
 
 

 
 


Net income¹
 
$
350.5

 
$
306.4

 
14
%
$
275.9

 
27
%
Diluted earnings per share
 
0.70

 
0.61

 
15
%
0.54

 
30
%
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
(in billions)
 
 
 
 
 
 
 
 
 
Ending
 
$
698.3

 
$
692.6

 
1
%
$
649.9

 
7
%
Average2
 
693.8

 
702.0

 
(1
%)
683.2

 
2
%
Net flows
 
(12.3
)
 
(12.8
)
 


(7.3
)
 



Total assets under management (“AUM”) were $698.3 billion at December 31, 2019, up $5.7 billion or 1% during the quarter due to $18.0 billion of net market change, distributions and other, partially offset by $12.3 billion of net outflows.

Cash and cash equivalents and investments were $7.8 billion at December 31, 2019, as compared to $7.4 billion at September 30, 2019. Including the Company’s direct investments in consolidated investment products, cash and cash equivalents and investments were $8.6 billion at December 31, 2019, as compared to $8.5 billion at September 30, 2019. Total stockholders’ equity was $10.8 billion at December 31, 2019, as compared to $10.6 billion at September 30, 2019. The Company had 497.6 million shares of common stock outstanding at December 31, 2019, as compared to 499.3 million shares outstanding at September 30, 2019. The Company repurchased 4.6 million shares of its common stock for a total cost of $123.6 million during the quarter ended December 31, 2019.

1

The following information was filed by Franklin Resources Inc (BEN) on Thursday, January 30, 2020 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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