Franklin Resources (NYSE:BEN) posts downturn in Q2 earnings

Franklin Resources (NYSE:BEN) has disclosed its financial outcomes for the second fiscal quarter ending March 31, 2024, with net income registering at $124.2 million, or $0.23 per diluted share.

This figure marks a decrease from the net income of $251.3 million, or $0.50 per diluted share, reported in the previous quarter and down from $194.2 million, or $0.38 per diluted share in the corresponding quarter of the previous year.

Operating income also saw a reduction, standing at $129.3 million for the quarter, a fall from $206.5 million in the prior quarter and $255.1 million in the same quarter of the previous year.

Additionally, the company reported adjusted net income of $306.6 million and adjusted diluted earnings per share of $0.56.

On a positive note, the company's acquisition of Putnam Investments has enhanced its capabilities and increased its assets under management (AUM) in the insurance and retirement segments to over $650 billion.