Franklin Resources Won’t Meet Estimates
- Share via
Franklin Resources Inc., the fifth-biggest U.S. mutual fund group, said fiscal fourth-quarter earnings won’t meet a Thomson Financial/First Call consensus estimate of 45 cents a share.
The headquarters of the company’s Fiduciary Trust Co. International unit were destroyed in the Sept. 11 terrorist attacks on the World Trade Center. Franklin has adequate insurance coverage for the loss of property and interruption of business, the San Mateo, Calif., company said. Employee-related costs linked to the attacks may affect Franklin’s earnings, the company said.
Franklin’s fourth-quarter results also will be affected by a decline in assets under management, which fell to $243.9 billion on Tuesday from $264.3 billion at the end of August. This decline has been the result of the depreciation of U.S. and global equities, the company said.
Franklin shares rose 19 cents to $34.26 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
