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Legg Mason: Fiscal 2Q Earnings Snapshot

BALTIMORE (AP) _ Legg Mason Inc. (LM) on Wednesday reported fiscal second-quarter earnings of $72.8 million.

On a per-share basis, the Baltimore-based company said it had net income of 82 cents. Earnings, adjusted for pretax gains, came to 81 cents per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The money manager posted revenue of $758.4 million in the period.

Legg Mason shares have declined 35 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased nearly 1 percent. In the final minutes of trading on Wednesday, shares hit $27.08, a drop of 28 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LM at https://www.zacks.com/ap/LM