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BALTIMORE (AP) _ Legg Mason Inc. (LM) on Wednesday reported fiscal fourth-quarter profit of $64.2 million.
The Baltimore-based company said it had profit of 70 cents per share. Earnings, adjusted for one-time gains and costs, were $1.02 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
The money manager posted revenue of $719.6 million in the period.
Legg Mason shares have climbed 38% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has climbed 50% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LM at https://www.zacks.com/ap/LM
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