Franklin Resources (NYSE: BEN) reported Q1 EPS of ($1.06), versus $0.76 reported last year. Revenue for the quarter came in at $1.62 billion versus the consensus estimate of $1.63 billion.

Today announced a net loss1 of $583.3 million or $1.06 per diluted share for the quarter ended December 31, 2017, which included an estimated income tax charge2 of $1.1 billion or $1.94 per diluted share resulting from enactment of the Tax Cuts and Jobs Act of 2017. The estimated charge relates to a transition tax on the deemed repatriation of foreign subsidiaries’ earnings, net of the tax benefit from revaluation of net deferred tax liabilities at the lower corporate tax rate. The Company had net income1 of $425.2 million or $0.76 per diluted share for the previous quarter, and $440.2 million or $0.77 per diluted share for the quarter ended December 31, 2016.

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