LM - Earnings Review: Legg Mason Continues To Tread Water
Steady as she goes. In what is traditionally Legg Mason’s (LM) weakest quarter, its calendar Q3 (fiscal Q2 '19) earnings were fine. But in an industry that is facing questions about where future growth can come from — whether acquisition, consolidation or otherwise — the questions surrounding Legg Mason remain unaddressed. Below are the highlights from its latest earnings.
Headline results
Both revenues and EPS beat consensus by a small amount. A modest quarterly increase in revenues had the same magnitude as the year-on-year decline, showing that revenues have been treading water for