Lehman Beats, Despite Profit Drop

Lehman Brothers(LEH Quote) beat estimates in the fourth quarter, despite profit falling 12%.

For the three months ending Nov. 30, the New York investment bank made $886 million, or $1.54 a share. That's down 12% from the year-ago period in which it made $1 billion or $1.72 a share, but flat compared with the third quarter. Revenue slipped 3% to $4.4 billion in the quarter, Lehman said.

Analysts on average expected the company to earn $1.42 a share in the final quarter of the year, according to Thomson Financial. ...