Legg Mason Q2 Profit Falls - Quick Facts

(RTTNews) - Legg Mason, Inc. (LM) Friday reported a plunge in its second-quarter earnings to $4.9 million or $0.04 per share from $86.3 million or $0.70 per share last year.

The company completed a debt refinancing that resulted in a $107.1 million charge or $0.59 per share in the latest quarter.

Excluding certain items, adjusted net income totaled $40.6 million or $0.35 per share. On average, 12 analysts polled by Thomson Reuters expected break-even per share for the quarter. Analysts' estimates typically exclude one-time items.

However, operating revenues grew 5 percent to $703.9 million from $669.9 million in the prior-year period. Analysts estimated revenues of $705.13 million.

The board declared a quarterly cash dividend of $0.16 per share, to be paid on January 12, 2015 to shareholders of record on December 17, 2014.