BALTIMORE (AP) _ Legg Mason Inc. (LM) on Monday reported a fiscal third-quarter loss of $216.9 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Baltimore-based company said it had a loss of $2.55. Earnings, adjusted for asset impairment costs and pretax expenses, were 73 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The money manager posted revenue of $704.3 million in the period.
Legg Mason shares have risen 16 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 9 percent. In the final minutes of trading on Monday, shares hit $29.54, 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