SAN MATEO, Calif. (AP) _ Franklin Resources Inc. (BEN) on Tuesday reported fiscal third-quarter net income of $290.4 million.

On a per-share basis, the San Mateo, California-based company said it had profit of 59 cents. Earnings, adjusted for one-time gains and costs, were 70 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The investment manager posted revenue of $1.19 billion in the period.

Franklin Resources shares have decreased 19% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has dropped 39% 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

Automated Insights, source Associated Press News