News Column

Legg Mason reports quarterly profit

January 31, 2014

By Natalie Sherman, The Baltimore Sun

Jan. 31 -- Legg Mason on Friday reported quarterly profits of $81.7 million , a turnaround compared to 2012, when the company posted $453.9 million in losses during the same period. The Baltimore -based company has struggled to regain its footing since the financial crisis, with changeover in leadership and clients pulling money from its funds. But Friday's earnings for the three months ending Dec. 31 showed positive inflows of $9.9 billion , revenues up 7 percent and operating expenses down more than half compared to last year. Earnings were 67 cents per share, roughly on target with analyst expectations. "The strengthening flow and mix picture coupled with our ongoing focus on controlling expenses positively impacted profitability and margins, a trend we have seen for the past three quarters." said CEO Joseph A. Sullivan , who has been acting as the company's president since October 2012 and was formally named to the position last April. Assets under management were $679.5 billion , up 4 percent from $656 billion in September and 5 percent from $648.9 billion last year. Revenues were $720.1 million , compared to $669.9 million in September and $673.9 million last year. Expenses fell to $598.4 million from $1.3 billion in 2012. The company announced a dividend of 13 cents per share. ___ (c)2014 The Baltimore Sun Visit The Baltimore Sun at Distributed by MCT Information Services

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Source: Baltimore Sun (MD)

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