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Legg Mason fourth quarter earnings exceed expectations

Baltimore’s Legg Mason is being acquired by California-based Franklin Templeton. The global investment management firm is paying $4.5 billion for Legg Mason. The company has roughly 300 employees in the city
Baltimore’s Legg Mason is being acquired by California-based Franklin Templeton. The global investment management firm is paying $4.5 billion for Legg Mason. The company has roughly 300 employees in the city

Legg Mason Inc. (LM) on Wednesday reported fiscal fourth-quarter earnings of $64.2 million.

The Baltimore-based company said it had profit of 70 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.02 per share.

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The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The money manager posted revenue of $719.6 million in the period.

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For the year, the company reported net income of $251.4 million, or $2.79 per share, swinging to a profit in the period. Revenue was reported as $2.92 billion.

Legg Mason shares have increased 38% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has risen 50% in the last 12 months.

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