Legg Mason (LM) Q1 Profits Fall, Sending Shares Lower
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Price: $36.13 +2.41%
EPS Growth %: -73.9%
Financial Fact:
Other: 48.59M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: -73.9%
Financial Fact:
Other: 48.59M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade LM Now!
Legg Mason Inc. (NYSE: LM) said Monday after the market close that its fiscal first-quarter profit edged downward, with most of the decrease tied to higher expenses, pushing share down 5 percent in extended trade.
The Baltimore-based asset manager reported first-quarter earnings of $47.9 million or 30 cents per share, reversing a loss of $50.1 million or 35 cents per share in the same quarter last year. Analysts were looking for 31 cents per share from the company.
Excluding one-time items, Legg Mason earned 60 cents per share in the three month period ended June 30.
Revenue for company rose slightly to $674.2 million in the period from $671.4 million a year earlier.
“We delivered a solid quarter in a volatile market with more work to do to fully position Legg Mason for future growth,” Mark R. Fetting, Chairman and CEO, said. “We are pleased to announce our first quarter of equity inflows in over four years, including the largest closed-end fund capital raise in the industry since 2007. In fixed income, we are hard at work on the longer term process of turning flows to positive following sustained improved investment performance.”
The company said that its assets under management fell to $645.4 billion at the end of the quarter, from $684.5 billion at the end of the previous period, but added that it saw $700 in net inflows, marking the first such result in over four year.
Shares of Legg Mason are down 5.2 percent to $28.53 in aftermarket movement Monday.
The Baltimore-based asset manager reported first-quarter earnings of $47.9 million or 30 cents per share, reversing a loss of $50.1 million or 35 cents per share in the same quarter last year. Analysts were looking for 31 cents per share from the company.
Excluding one-time items, Legg Mason earned 60 cents per share in the three month period ended June 30.
Revenue for company rose slightly to $674.2 million in the period from $671.4 million a year earlier.
“We delivered a solid quarter in a volatile market with more work to do to fully position Legg Mason for future growth,” Mark R. Fetting, Chairman and CEO, said. “We are pleased to announce our first quarter of equity inflows in over four years, including the largest closed-end fund capital raise in the industry since 2007. In fixed income, we are hard at work on the longer term process of turning flows to positive following sustained improved investment performance.”
The company said that its assets under management fell to $645.4 billion at the end of the quarter, from $684.5 billion at the end of the previous period, but added that it saw $700 in net inflows, marking the first such result in over four year.
Shares of Legg Mason are down 5.2 percent to $28.53 in aftermarket movement Monday.
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