BALTIMORE (AP) _ Legg Mason Inc. (LM) on Wednesday reported fiscal third-quarter profit of $74.8 million.
On a per-share basis, the Baltimore-based company said it had net income of 83 cents. Earnings, adjusted for one-time gains and costs, were $1.03 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The money manager posted revenue of $753.9 million in the period.
Legg Mason shares have risen 11% since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 1%. In the final minutes of trading on Wednesday, shares hit $39.94, an increase of 37% in the last 12 months.