Legg Mason Earnings Jump on Asset Management Fees

Legg Mason ( LM) posted a fourth-quarter rise in earnings and beat analysts' estimates by 2 cents. The company cited higher earnings from asset management fees.

The Baltimore-based brokerage and money manager earned $48.7 million, or 71 cents a share, compared with $46.1 million, or 67 cents a share, in the prior-year period. Analysts expected 69 cents a share.

Legg Mason said assets under management increased by $7.5 billion during the March quarter.

Sales in the quarter ended March 31 were $384.7 million, down from last year's $395.2 million. Revenue from securities brokerage, which includes commissions and principal transaction revenue, totaled $114 million, down 8% from $123.9 million a year ago, the company said.

Shares of the company closed at $54.85 on Monday.

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