RTTNews | Oct 27, 2020 09:06AM EDT

09:05 Tuesday, October 27, 2020 (RTTNews.com) - Franklin Resources, Inc. (BEN) on Tuesday reported preliminary net income for the fourth quarter of $78.9 million or $0.15 per share, down sharply from $306.4 million or $0.61 per share in the year-ago period.

The latest quarter and annual results for the fiscal year ended September 30, 2020 include two months of Legg Mason. Franklin Resources completed the acquisition of Legg Mason in late July 2020.

Adjusted earnings for the quarter were $0.56 per share, compared to $0.71 per share in the year-ago period.

However, operating revenues for the quarter grew 20 percent to $1.71 billion from $1.42 billion a year ago.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter on revenues of $1.42 billion. Analysts' estimates typically exclude special items.

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