Legg Mason (LM) Tops Q3 EPS by 9c, Revenues Beat

Legg Mason (NYSE: LM) reported Q3 EPS of $1.03, $0.09 better than the analyst estimate of $0.94. Revenue for the quarter came in at $753.9 million versus the consensus estimate of $733.07 million.

Joseph A. Sullivan, Chairman and CEO of Legg Mason said, "Legg Mason delivered strong operating results in the quarter, driven by increased operating earnings aided by higher performance fees and continued expense discipline. Diversification remains a key differentiating factor for us, as inflows in alternatives and fixed income strategies partially offset equity outflows that were impacted by a large subadvisory redemption. We continue to deliver on the strategic restructuring plan we laid out last spring, with over 80% of our projected annual run rate savings target realized as of this quarter-end driving margin expansion.

"As we begin a new decade, we believe investments in innovation and in expanding our alternatives product offering across retail channels position us to better serve our clients' needs. We continue to leverage our distribution capabilities to enhance growth, as reinforced by strong gross sales across a variety of strategies and continue to review incremental opportunities to drive growth and long-term shareholder value."

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

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