Legg Mason (LM) Tops Q4 EPS by 2c, Revenues Miss

Legg Mason (NYSE: LM) reported Q4 EPS of $0.56, $0.02 better than the analyst estimate of $0.54. Revenue for the quarter came in at $692.6 million versus the consensus estimate of $694.58 million.

Joseph A. Sullivan, Chairman and CEO of Legg Mason said, "This quarter's results reinforce the benefits of diversification of our investment management platform across asset classes, with alternative and fixed income net inflows offset by decelerating equity net outflows. Our distribution platform contributed with a favorable inflection in retail net flows reflecting higher sales and slower redemptions. We continue to focus on meeting evolving client demand by expanding client choice in investment strategies, vehicles and distribution access. Looking ahead, lead indicators of improving investment performance, ongoing product development, and increasing interest in alternative strategies bode well for organic growth prospects.

"On top of improving fundamental trends, we have refined the perspective and scope of our strategic restructuring which will deliver meaningful cost reductions. Finally, we are thoughtfully allocating capital, including paying down $250 million of our public debt in July, and approving an 18% increase in the quarterly dividend."

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

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