Baltimore global financial investment management firms reported their financial results this week forming a bit of a dichotomy.
T. Rowe Price Group, Inc. (NASDAQ-GS: TROW)reported revenues of $679.4 million, while Legg Mason, Inc. (NYSE: LM) reported revenues of $669.9 million. In contrast here T. Rowe Price increased revenues 16 percent from $586.1 million. Legg Mason's revenues continued to decline and fell from $674.8 million in the 2011 second quarter and down from $717.1 million in the first quarter of 2012.
As far as net income, T. Rowe Price continued upward profitability bringing in earnings of $185.5 million or $0.64 cents per diluted share in the third quarter ended September 30, 2011 compared to $169.1 million in the same time last year while Legg Mason could not abate declining profits earning $56.7 million, or $0.39 cents per diluted share.
T. Rowe Price missed the average analyst estimate of $0.73 cents for net income and the low estimate of $0.69 cents. It also missed the average analyst estimate of $691.90 million for revenues and the low estimate of $673.25 million.
Ironically, Legg Mason beat the average analyst estimate of $0.38 cents for net income.