Legg Mason Inc (LM) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $51.44 million, or $ 0.50 a share in the quarter, against a net loss of $138.63 million, or $1.31 a share in the last year period.
Revenue during the quarter grew 8.44 percent to $715.24 million from $659.56 million in the previous year period. Operating margin for the quarter period stood at positive 15.54 percent as compared to a negative 36.49 percent for the previous year period.
Operating income for the quarter was $111.17 million, compared with an operating loss of $240.64 million in the previous year period.
However, the adjusted operating income for the quarter stood at $140.78 million compared to $108.42 million in the prior year period.
Joseph A. Sullivan, chairman and chief executive officer of Legg Mason said, “During the quarter, Legg Mason delivered operating results that were in line with market expectations, after excluding some non-cash charges, while continuing to drive strategic progress despite significant industry headwinds. The Company’s operating results reflect higher non-pass through performance fees for the quarter and our continued focus on managing costs. Outflows for the quarter were impacted by challenging industry trends for active managers and driven by US equity and alternative strategies, partially offset by fixed income inflows. Investment performance improved during the quarter, and Legg Mason’s global distribution platform had positive net flows for the twelfth time in the last thirteen quarters.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
