Legg Mason, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Reports Asset Impairment Charges for the Third Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Fourth Quarter and Fiscal 2018
January 24, 2018 at 09:15 pm
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Legg Mason, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported total operating revenues of $793.090 million against $715.241 million a year ago. Operating loss was $27.333 million against income of $111.166 million a year ago. Loss before income tax was $40.850 million against income of $90.968 million a year ago. Net income attributable to the company was $149.222 million against $51.439 million a year ago. Diluted earnings per share were $1.58 against $0.50 a year ago. Adjusted operating revenues were $659.332 million against $690.025 million a year ago. Adjusted operating income was $179.532 million against $140.777 million a year ago. Cash provided by operating activities was $117.323 million against $209.102 million a year ago. Adjusted EBITDA was $187.000 million against $160.309 million a year ago.
For the nine months, the company reported total operating revenues of $2,355.270 million against $2,163.776 million a year ago. Operating income was $224.291 million against $312.354 million a year ago. Income before income tax provision was $177.239 million against $268.053 million a year ago. Net income attributable to the company was $275.806 million against $151.332 million a year ago. Diluted earnings per share were $2.86 against $1.43 a year ago. Adjusted operating revenues were $1,890.347 million against $1,734.759 million a year ago. Adjusted operating income was $471.474 million against $336.786 million a year ago. Cash provided by operating activities was $293.072 million against $346.961 million a year ago. Adjusted EBITDA was $521.669 million against $406.847 million a year ago.
For the quarter, the company reported Non-cash intangible asset impairment charge of $195.0 million against $35.000 million a year ago.
For the fourth quarter, the company expects 31% effective tax rate, and GAAP effective tax rate to be fall between 22% to 26%.
For the fiscal year 2018, the company expects cash tax rate to be 8%.
Legg Mason, Inc. (Legg Mason) is United States-based company. The Company helps investors globally achieve financial outcomes by expanding choice across investment strategies, vehicles, and investor access through independent investment managers with diverse in equity, fixed income, alternative and liquidity investments. Legg Masonâs investment affiliates operate with investment independence, asset classes and markets around the globe. Its affiliates includes, Brandywine Global, Clarion Partners, ClearBridge Investments, Martin Currie, QS Investors, Royce Investment Partners, and Western Asset.
Legg Mason, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Reports Asset Impairment Charges for the Third Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Fourth Quarter and Fiscal 2018