Asset management major Legg Mason Inc. (LM) Tuesday reported lower profit for the fourth quarter, reflecting increased operating expenses, in spite of a rise in operating revenue for the period.
For the period, the firm posted net income attributable to Legg Mason of $29.2 million, down from $76.06 million a year earlier. On a per share basis, earnings for the period were $0.23 versus $0.54 last year.
On an adjusted basis, earnings were $0.52 for the quarter. Fifteen analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.20 for the quarter. Analysts estimates typically exclude one-time items.
Total operating revenue for the three months was $667.76 million, up from $648.59 million last year. Analysts were looking for revenue of $645.69 million for the period.
Total operating expenses were $624.75 million, up from $576.37 million last year.
For comments and feedback: editorial@rttnews.com