SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Friday reported fiscal third-quarter earnings of $174 million.

The San Mateo, California-based company said it had net income of 32 cents per share. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The investment manager posted revenue of $2.12 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $2.09 billion.

Franklin Resources shares have dropped 21% since the beginning of the year, while the S&P's 500 index has risen 13%. The stock has dropped 19% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BEN at https://www.zacks.com/ap/BEN