Legg Mason Reports $61.6 Million Profit (LM)

Legg Mason, Inc. LM on Wednesday morning released financial results. Legg Mason, Inc reported that its 3rd quarter net income rose to $61.6 million, or 41 cents per share, up from $44.9 million, or 28 cents per share, a year earlier. Excluding special items, the company earned 73 cents per share. Legg Mason, Inc reported revenue of $721.9 million, up from $690.5 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 41 cents per share, on revenue of $696.91 million. Chairman and CEO Mark R. Fetting said, “We are pleased that investment performance continued to improve and we are encouraged that a progressively healing economy is likely to produce additional market opportunities for investing. That said, we are focused on the need to address persistent outflows at some of our affiliates, and together with our affiliates, we are spending a significant amount of time in front of clients, distribution partners and prospects to address this." Legg Mason, Inc. (LM) ended the previous trading session at $35.61 per share. Analysts covering the company's stock have a consensus price target of $39.00 per share. Legg Mason, Inc is a global asset management firm that provides active asset management in many major investment centers throughout the world. Read more from Benzinga's Company news.