Legg Mason Reports Higher Q2 Profit - Quick Facts

(RTTNews) - Asset management major Legg Mason Inc.'s (LM) second-quarter reported net income advanced to $86.3 million, or $0.70 per share, from $80.8 million, or $0.60 per share, a year earlier. The recent quarter included a United Kingdom tax benefit of $19.2 million, or $0.16 per share, compared with a similar U.K. tax benefit of $18.1 million, or $0.13 per share, in the prior-year quarter.

On an adjusted basis, income amounted to $104.5 million, or $0.85 per share in the recent period. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.61 for the quarter. Analysts' estimates typically exclude one-time items.

For the second quarter, operating revenues were $669.9 million, up 5% from $640.3 million in the second quarter of fiscal 2013, supported by higher average equity AUM and higher performance fees. Analysts estimated revenues of $659.77 million for the quarter.

Assets Under Management or "AUM" totaled $656.0 billion, up 1% from $650.7 billion as of September 30, 2012. Further, the board declared a quarterly cash dividend on its common stock of $0.13 per share.