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Rating:Fetting Says 'Profits are Strong, But the Final Chapter Remains' Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 27, 2011

Fetting Says 'Profits are Strong, But the Final Chapter Remains'

News summary by MFWire's editors

Legg Mason [see profile] unveiled its numbers yesterday for the three months ended December. Legg's Q3 profit rose year-over-year from $0.28 per share to $0.41, which came in slightly below analysts' forcasts of $0.43 per share. The company's revenue, which jumped to $690.5 million to $721.9 million, exceeded analysts forecasts of $712.3 million.

Mark Fetting
Legg Mason
Chairman, CEO
During the period, Legg recorded a new outflow of $16.7 billion.

CEO Mark Fetting partially blamed the mutual fund firm's net outflows on clients' demand for "more specialized products with an increased investor appetite for risk assets." The Associated Press reported on that tidbit from Fetting's statement about Legg's third quarter earnings.

Here's a transcript of the earnings call.

"I think the story remains the same in terms of the improvement in the financials," Fetting told Reuters in an interview. "Profits are strong, but the final chapter remains. 

Edited by: Neil Anderson, Managing Editor


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