Legg Mason Beats Street 1Q Forecasts
BALTIMORE (AP) _ Legg Mason Inc. (LM) on Wednesday reported fiscal first-quarter profit of $50.9 million.
The Baltimore-based company said it had profit of 52 cents per share. Earnings, adjusted for one-time gains and costs, were 66 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The money manager posted revenue of $793.8 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $779.2 million.
Legg Mason shares have climbed 38 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 11 percent. In the final minutes of trading on Wednesday, shares hit $41.41, a rise of 25 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LM at https://www.zacks.com/ap/LM
Keywords: Legg Mason, Earnings Report
On Twitter, Trump criticizes Murkowski over her health care vote
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News