Why Franklin Resources Shares Are Soaring Today
Shares of mutual fund company Franklin Resources (NYSE: BEN) are up more than 12% as of midsession Monday following the release of its preliminary fiscal fourth-quarter results and the announcement that it intends to acquire Lexington Partners.
Franklin Resources -- better known as Franklin Templeton -- wrapped up a solid fiscal 2021 with an impressive fourth-quarter report. Although not the official numbers, the mutual funds manager indicates it's likely to earn an adjusted $1.26 per share for the three-month stretch ending in September on revenue of $2.18 billion. That top line is up 28% year over year, while earnings improved dramatically from the $0.56 per share the company reported in the comparable quarter of 2020. Both numbers beat analysts' estimates for Q4. For the full fiscal year, revenue grew 51%, and per-share operating earnings grew 43%, also exceeding analysts' outlooks.
Image source: Getty Images.
Source Fool.com
