Legg Mason, Inc. (LM) Posts Mixed Q1 Results

Legg Mason, Inc. (NYSE: LM) reported Q1 EPS of $0.91, $0.35 better than the analyst estimate of $0.56. Revenue for the quarter came in at $693.9 million versus the consensus estimate of $704.4 million.

AUM increased to $704.3 billion compared with $701.8 billion at March 31, 2014, primarily driven by an $18.5 billion increase in market performance, foreign exchange and other, the addition of $5.0 billion in AUM related to the QS Investors acquisition, which was effective on May 31, 2014, as well as long-term inflows of $0.7 billion. These were partially offset by $8.9 billion in liquidity outflows as well as a $12.8 billion reclassification of certain client assets previously reported as AUM to Assets Under Advisement ("AUA"). AUM was up 9% from $644.5 billion as of June 30, 2013.

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

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