legg mason inc (LM) Key Developments
Legg Mason Inc., QS Investors LLC - M&A Call
Mar 4 14
To discuss the acquisition of QS Investors by Legg Mason Inc.
Legg Mason, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013
Jan 31 14
Legg Mason Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2013. The company reported net income) of $81.7 million, or $0.67 per diluted share, as compared with net income of $86.3 million, or $0.70 per diluted share, in the previous quarter, and a net loss of $453.9 million, or $3.45 per diluted share, in the third quarter of fiscal 2013. Adjusted income for the third quarter was $124.6 million, or $1.03 per diluted share, as compared to $104.5 million, or $0.85 per diluted share, in the previous quarter and $91.8 million, or $0.70 per diluted share, in the third quarter of fiscal 2013. For the quarter, operating revenues were $720.1 million, up 8% from $669.9 million in the prior quarter, and up 7% from $673.9 million in the third quarter of fiscal 2013. Operating income was $121.7 million against operating loss of $633.3 million a year ago. Income before income tax provision was $125.955 million against loss before income tax benefit of $638.764 million a year ago. Adjusted operating revenues were $571.803 million against $531.113 million a year ago. Adjusted operating income was $137.970 million against $108.576 million a year ago.
For the nine months, the company reported total operating revenues of $2,060.361 million, operating income of $311.552 million, income before income tax provision of $307.693 million and net income attributable to company of $215.837 million or $1.75 per diluted share compared to total operating revenues of $1,944.887 million, operating loss of $477.512 million, loss before income tax benefit of $559.253 million and net loss attributable to company of $382.531 million or $2.84 per diluted share a year ago period. Adjusted income was $314.270 million or $2.55 per diluted share against $280.483 million or $2.08 per diluted share a year ago. Adjusted operating revenues were $1,587.901 million against $1,488.342 million a year ago. Adjusted operating income was $342.486 million against $298.514 million a year ago.
Legg Mason Inc. Declares Quarterly Cash Dividend Payable on April 14, 2014
Jan 31 14
The Board of Directors of Legg Mason Inc. has declared a quarterly cash dividend on its common stock in the amount of $0.13 per share. The dividend is payable April 14, 2014 to shareholders of record at the close of business on March 13, 2014.
Legg Mason Inc. Provides Tax Rate Guidance for the Fourth and Full Year Fiscal 2014
Jan 31 14
Legg Mason Inc. provided tax rate guidance for the fourth and full year fiscal 2014. For the quarter, the company forecasted effective GAAP tax rate to be around 35%.
For the full year of 2014, the company forecasted effective tax rate of 31%, cash taxes, which continue to run at 4%.
Legg Mason Inc. Announces Closing of 5.625% Senior Notes Due 2044
Jan 22 14
On January 22, 2014, Legg Mason Inc. completed the closing of the issuance and sale of $400,000,000 aggregate principal amount of the company's 5.625% Senior Notes due 2044. The Notes were issued pursuant to an indenture dated as of January 22, 2014, between the company and The Bank of New York Mellon, as trustee, as supplemented by a supplemental indenture dated as of January 22, 2014. The Notes have been registered under the Securities Act of 1933, as amended, by a Registration Statement on Form S-3ASR (Registration No. 333-193321) which became effective January 13, 2014.