By Holden Wilen
April 29, 2020
Legg Mason Inc. saw its profit increase in fiscal fourth quarter despite the Covid-19 pandemic, which CEO Joseph A. Sullivan said “reinforced the importance” of the company’s planned sale to Franklin Templeton.
The Baltimore-based money manager’s profit rose 29% to $64.2 million, or 70 cents per share, in the quarter ended March 31, compared to $49.5 million, or 56 cents per share in the year-ago period.
Legg Mason’s adjusted net income grew 56% to $93.2 million, or $1.03 per share, compared to $59.8 million, or 67 cents per share, in the prior-year quarter. The company’s adjusted number accounts for restructuring costs and other expenses that are not part of Legg Mason’s core asset management business.
Earnings grew because of higher operating revenues reflecting an increase in investment advisory fees, as well as the impact of savings from Legg Mason’s ongoing restructuring plan.
Source: Baltimore Business Journal