UPDATE: Legg Mason Reports Q1 Profit of $69 million

Legg Mason Inc LM released its results for the fiscal fourth-quarter on Tuesday. The company's quarterly profit increased to $69 million, or $0.45 per share, from $61.6 million, or $0.41 per share, in the year-ago quarter. The company's sales dropped to $713.4 million from $721.9 million. The company's adjusted income came in at $0.77 per share. However, analysts were expecting earnings of $0.45 per share on sales of $712.3 million. Shares of Legg Mason fell 0.13% to close at $37.10 yesterday. Read more from Benzinga's Company news.