Franklin profits, revenues beat Street

Franklin Resources Inc.’s second-quarter profits more than doubled due to more inflow into its funds and higher earnings from its investments, the San Mateo, Calif.-based asset manager announced today. Franklin posted net income of $440.9 million, or $1.73 per share, compared with profit of $196.5 million, or 74 cents per share, in the first quarter of 2006. The results beat estimates of analysts polled by Thomson Financial, who forecast profit of $1.63 per share. Revenues rose 20% to $1.51 billion from $1.25 billion in the same quarter a year ago. Wall Street expected revenues of $1.49 billion. Assets under management by the company’s subsidiaries were $576.0 billion as of March 31, according to the company, as opposed to $491.6 billion at the same time last year.