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Friday, July 30, 2010

Franklin Beats Expectations, Despite Market Woes

News summary by MFWire's editors

Despite the painful direction of the markets last quarter, Franklin Resources boosted its earnings and beat expectations. Yesterday the San Mateo, California-based parent of Franklin Templeton revealed net income of $1.58 per diluted share, beating analysts expectations (of $1.48, the Wall Street Journal's Aparajita Saha-Bubna and Tess Stynes report) by almost seven percent and rising above the $1.55 Franklin earned in Q2 this year and the $1.28 it earned in Q3 last year.

Franklin's assets under management dipped three percent from $586.8 billion on March 31, 2010 to $570.5 billion on June 30, as the markets shook, yet it still brought in $21.9 billion in net flows for the quarter, mostly in global/international taxable fixed-income. 

Edited by: Neil Anderson, Managing Editor

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