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February 3, 2014updated 04 Apr 2017 2:32pm

Legg Mason swings to profit in Q3

Legg Mason has reported net income of US$81.7 million for the third fiscal quarter ended 31 December 2013, as compared with a net loss of US$453.9 million in the corresponding quarter of fiscal 2013.

By Verdict Staff

Legg Mason has reported net income of US$81.7 million for the third fiscal quarter ended 31 December 2013, as compared with a net loss of US$453.9 million in the corresponding quarter of fiscal 2013.

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

Operating expenses were US$598.4 million, up 4% from US$573.2 million in the third quarter of fiscal 2013, which excludes the non-cash impairment charge of $734.0 million.

Assets Under Management (AUM) were US$679.5 billion, up 5% from US$648.9 billion as of 31 December 2012.

Legg Mason’s Board of Directors has declared a quarterly cash dividend on its common stock in the amount of US$0.13 per share.

Joseph Sullivan, president and CEO of Legg Mason, said, "As another sign of our momentum, we saw strong investor demand for our recently completed senior notes offering, allowing us to lock in long-term debt capital at current historically low rates."

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