Legg Mason Posts Profit In Q3 - Quick Facts

(RTTNews) - Asset management major Legg Mason Inc. (LM) reported third-quarter net profit attributable to the company of $81.7 million, or $0.67 per share, versus a loss of $453.9 million, or $3.45 per share, a year ago. The last quarter results included a United Kingdom tax benefit of $19.2 million, or $0.16 per share, while the previous year included $734.0 million, $508.3 million after-tax, or $3.86 per share, in non-cash impairment charges related to intangible assets, the company said.

Quarterly adjusted income came in at $124.6 million, or $1.03 per share. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.66 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, operating revenues were $720.1 million, up 7% from $673.9 million in the third quarter of fiscal 2013. Analysts estimated revenues of $725.85 million for the quarter.

At quarter-end, Legg Mason's assets under management or AUM totaled $679.5 billion, up 4% from $656.0 billion as of September 30, 2013 and up 5% from $648.9 billion as of December 31, 2012.