Money asset manager, Legg Mason, Inc. (NYSE: LM) released its third fiscal quarter 2012 financial results today that continued the company's trend of keeping its head above red.
Legg Mason reported revenues of $627 million versus $669.9 million in the second fiscal quarter 2012 which ended September 2011. Revenues were also much lower than the $721.9 million reported in the third fiscal quarter 2011 which ended December 2010.
Despite lower revenues the company based in the Harbor East section of Baltimore, was able to manage a net income of $28.1 million, or $0.20 cents per diluted share but that was lower compared to $56.7 million, or $0.39 cents per diluted share in the second fiscal quarter 2012. It was also down from the $61.6 million, or $0.41 per diluted share from the third fiscal quarter 2011.
The quarterly financial results were not enough to meet or exceed expectations of analyst, the average analyst estimate for earnings was $0.25 cents per share, Legg Mason's actual results fell 5 cents short of that. Revenue estimates were also higher than what Legg Mason reported with the average at $655.7 million.
Although the company had lower revenues and net income, assets under management increased 2 percent to $627.0 billion.