SAN MATEO, Calif. (AP) _ Franklin Resources Inc. (BEN) on Monday reported fiscal first-quarter net income of $165.6 million.

On a per-share basis, the San Mateo, California-based company said it had net income of 32 cents. Earnings, adjusted for one-time gains and costs, were 51 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The investment manager posted revenue of $1.97 billion in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $1.8 billion.

Franklin Resources shares have climbed 15% since the beginning of the year, while the S&P's 500 index has increased slightly more than 5%. The stock has declined slightly more than 2% in the last 12 months.

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

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