Legg Mason (NYSE:LM) reported its quarterly earnings figures after the close of the market today, bringing in a profit that surpassed the Wall Street consensus estimate, yet its revenue total was below the mark for the three-month period–LM stock remained unchanged late Monday afternoon.
The Baltimore, Md.-based investment management firm said that for its fourth quarter of its fiscal 2019, it amassed adjusted earnings of 56 cents per share, which was about 2 cents ahead of the Wall Street guidance of analysts, who predicted adjusted earnings of 54 cents per share.
Legg Mason added that its revenue for the three-month period tallied up to $692.6 million, missing the outlook of $694.6 million. The company also included a quarterly dividend that increased by roughly 18% when compared to the year-ago quarter to 40 cents per share.
“This quarter’s results reinforce the benefits of diversification of our investment management platform across asset classes, with alternative and fixed income net inflows offset by decelerating equity net outflows,” Joseph A. Sullivan, Chairman and CEO of Legg Mason said. “Our distribution platform contributed with a favorable inflection in retail net flows reflecting higher sales and slower redemptions.”
“We continue to focus on meeting evolving client demand by expanding client choice in investment strategies, vehicles and distribution access,” he added. “Looking ahead, lead indicators of improving investment performance, ongoing product development, and increasing interest in alternative strategies bode well for organic growth prospects.”
LM stock was down roughly 2.5% during regular trading hours on Monday as the company readied itself to report its results. Shares were then largely unchanged after hours off the heels of a mixed financial performance from Legg Mason.