Legg Mason, Inc. (LM) Tops Q1 EPS by 22c
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Legg Mason, Inc. (NYSE: LM) reported Q1 EPS of $0.68, $0.22 better than the analyst estimate of $0.46. Revenue for the quarter came in at $670.4 million versus the consensus estimate of $657.2 million.
Joseph A. Sullivan, President and CEO of Legg Mason said, "We were pleased with our first quarter results which included long-term inflows for the first time since September of 2007. This was driven by fixed income inflows as well as significantly reduced equity outflows, due in part to another successful ClearBridge MLP closed-end fund launch. Investment performance was also solid during the quarter, while we managed expenses and continued to repurchase shares in line with our plans. Finally, we continued to make progress on our four key operating priorities, worked with our affiliates to bring investment solutions to our clients and took additional steps to address small, non-core affiliates, further optimizing our portfolio."
AUM decreased to $644.5 billion compared with $664.6 billion at March 31, 2013, primarily driven by an $11.6 billion decline in market performance and foreign exchange, as well as liquidity outflows of $8.7 billion. Long-term inflows were $0.2 billion. AUM was up 2% from $631.8 billion as of June 30, 2012.
For earnings history and earnings-related data on Legg Mason, Inc. (LM) click here.
Joseph A. Sullivan, President and CEO of Legg Mason said, "We were pleased with our first quarter results which included long-term inflows for the first time since September of 2007. This was driven by fixed income inflows as well as significantly reduced equity outflows, due in part to another successful ClearBridge MLP closed-end fund launch. Investment performance was also solid during the quarter, while we managed expenses and continued to repurchase shares in line with our plans. Finally, we continued to make progress on our four key operating priorities, worked with our affiliates to bring investment solutions to our clients and took additional steps to address small, non-core affiliates, further optimizing our portfolio."
AUM decreased to $644.5 billion compared with $664.6 billion at March 31, 2013, primarily driven by an $11.6 billion decline in market performance and foreign exchange, as well as liquidity outflows of $8.7 billion. Long-term inflows were $0.2 billion. AUM was up 2% from $631.8 billion as of June 30, 2012.
For earnings history and earnings-related data on Legg Mason, Inc. (LM) click here.
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