Legg Mason Inc. (NYSE:LM) released its earnings numbers for the three months ended September 30 this morning before the market opened on Wall Street this morning. The company showed earnings of $0.70 per share for the quarter of 2013 on revenue totaling $669.9 million. On Thursday’s market, shares in Legg Mason rose by just over 1% to finish the day at $36.87.
In the run up to the release of these earnings analysts following Legg Mason Inc. (NYSE:LM) were expecting earnings per share of 61 cent on revenue of $685 million. In the same three month of last year the asset manager earned 82 cents per share on revenue totaling $669 million. Legg Mason recorded the three months through September as its second quarter of 2014.
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Legg Mason short
Earlier this month Legg Mason Inc. (NYSE:LM) reported reported preliminary assets under management of $656 billion. Short interest in the company’s stock has been high in recent months, though it has declined in the last two reports on the proportion of shares held short from the S&P.
Legg Mason Inc. (NYSE:LM) will need to continue to demonstrate its value through the rest of the year in order to preserve its share price. The company’s performance through the end of the year will be basewd on its ability to find fixed income opportunities.
Legg Mason performance
A booming stock market, supported by soft Federal Reserve policy, has given Legg Mason Inc. (NYSE:LM) shareholders a lot to be thankful for. Shares in the company have increase by more than 37% since January 1. These gains have slowed in recent month since Federal Reserve taper talk took hold of the market.
Legg Mason Inc (NYSE:LM) shareholders and analysts will get to question the company’s executives in a conference call later this morning at 9:30AM. Investors will want to discuss the company’s outlook for the quarters ahead, and the company’s guidance for the world economy. and that of the United States, through the end of the year.