UPDATE: Legg Mason Reports 25% Surge In FQ1 Profit

Legg Mason Inc LM reported a 25% rise in its fiscal first-quarter profit. Legg Mason reported its quarterly profit at $60 million, or $0.40 per share, up from $47.9 million, or $0.30 per share, in the year-ago period. Legg Mason's operating revenue climbed 6.4% to $717.1 million. However, analysts were expecting a profit of $0.38 per share on revenue of $723 million. Legg Mason's funds fees surged 13%. Legg Mason shares closed at $30.54 yesterday.