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Franklin Resources fiscal Q4 EPS drops YOY

Franklin Resources Inc. reported preliminary fiscal fourth-quarter net income attributable to the company of $306.4 million, or 61 cents per share, down from $502.5 million, or 96 cents per share, in the year-ago period.

The 2018 quarter included an $89.6 million, or 17 cents per share, tax reduction resulting from revisions to the estimated transition tax expense from the federal tax reform in 2017.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fiscal quarter was 64 cents.

For fiscal 2019, Franklin Resources posted net income attributable to the company of $1.20 billion, or $2.35 per share, up from $764.4 million, or $1.39 per share, in fiscal 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for fiscal 2019 was $2.38.

Total operating revenues for the fourth fiscal quarter were $1.45 billion, down from $1.53 billion in the year-ago period.

Investment management fees, which comprised the bulk of operating revenues, dipped 5% year over year to $1.00 billion from $1.06 billion.

Sales and distribution fees slipped 4% to $363.8 million from $380.8 million in the year-ago quarter.

Total operating expenses increased to $1.06 billion from $1.05 billion a year ago.

Sales, distribution and marketing expenses ticked lower to $463.3 million from $489.7 million a year ago, but compensation and benefits rose year over year to $382.4 million from $345.1 million.

Total assets under management amounted to $692.6 billion as of Sept. 30, down 3% from $717.1 billion a year ago.