Legg Mason Inc. posted a quarterly profit, reporting fiscal second-quarter earnings above expectations as it deals with sharp declines in year-over-year asset levels.
The Baltimore company said Thursday that, for the three months ended Sept. 30, it had earnings of $45.8 million, or 30 cents a share, compared with a year-earlier loss of $108.7 million, or 77 cents a share.
Revenue fell 32%, to $659.9 million. Analysts, on average, were expecting earnings of 21 cents on revenue of $652 million, according to Thomson Reuters.
Assets under management were $702.7 billion as of Sept. 30, up 7% during the quarter but down 17% from a year earlier.
Investors pulled a net $8 billion from the company in the latest quarter, including $10 billion coming out of fixed-income funds and $2 billion from equity funds.