BALTIMORE (AP) _ Legg Mason Inc. (LM) on Thursday reported fiscal first-quarter earnings of $45.4 million.
On a per-share basis, the Baltimore-based company said it had net income of 51 cents. Earnings, adjusted for one-time gains and costs, came to 75 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The money manager posted revenue of $705.4 million in the period.
Legg Mason shares have risen 45% since the beginning of the year, while the Standard & Poor's 500 index has increased 18%. In the final minutes of trading on Thursday, shares hit $37.08, a climb of 14% in the last 12 months.