Legg Mason (LM) Tops Q3 EPS by 5c

Legg Mason (NYSE: LM) reported Q3 EPS of $0.73, ex-items, $0.05 better than the analyst estimate of $0.68. Revenue for the quarter came in at $704.3 million versus the consensus estimate of $724.61 million.

Net loss was $216.9 million, or $2.55 per diluted share, compared to net income of $72.8 million, or $0.82 per diluted share, in the second quarter of fiscal year 2019. In addition to the net impact of the factors listed below, the decreased earnings were driven by lower average AUM and lower non-pass through performance fees.

This quarter's results included:

• Non-cash intangible asset impairment charges of $365.2 million, or $3.11 per diluted share, primarily related to commingled fund management contracts at EnTrustPermal and RARE Infrastructure.
• Net discrete expenses and other tax items of $10.5 million, or $0.12 per diluted share.
• Global operating platform implementation costs4 of $5.9 million, or $0.05 per diluted share.

For earnings history and earnings-related data on Legg Mason (LM) click here.

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