Franklin Resources revealed its fiscal third quarter earnings Thursday, reporting falling revenues and margins that have become par for the mutual fund industry course this quarter. However, while third quarter income fell 26 percent, it was buoyed by recent market improvements and managed to exceed analyst expectations.

Franklin reported $297.7 million in income, or $1.29 per share -- down from $403.3 million ($1.71 per share) for the same quarter in 2008. Thomson Reuters had expected earnings of 87 cents per share based on a revenue of $1.01 billion.

Franklin saw roughly $6 billion of new asset flows, and overall asset levels rose roughly 15 percent. Equity assets made up 46 percent of total assets under management at quarter's end, and fixed-income and hybrid assets comprised 33 percent and 19 percent, respectively. 

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