SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Franklin Resources Inc. (BEN) on Friday reported fiscal first-quarter net income of $255.5 million.

The San Mateo, California-based company said it had net income of 46 cents per share. Earnings, adjusted for one-time gains and costs, were 70 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The investment manager posted revenue of $2.33 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $2.15 billion.

Franklin Resources shares have risen slightly more than 8% since the beginning of the year, while the S&P’s 500 index has increased roughly 2%. The stock has increased 29% 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