** charts before earnings **
** charts after earnings **
** 5 days later **
Legg Mason beats by $0.43, misses on revs :
- Reports Q3 (Dec) earnings of $1.45 per share, $0.43 better than the Capital IQ Consensus of $1.02; revenues fell 8.3% year/year to $659.6 mln vs the $676.67 mln Capital IQ Consensus.
- Assets Under Management were $671.5 billion as of December 31, 2015, compared to $672.1 billion as of September 30, 2015, and down 5% from $709.1 billion as of December 31, 2014.
- "Our operating results for the quarter reflected a challenging period for asset management firms, and included a negative impact from a significant non-cash impairment charge. While quarterly long-term flows were negative in the aggregate, we generated another quarter of positive fixed income flows despite industry net outflows in active taxable fixed income. Equity flows remained challenged, consistent with industry trends, exacerbated by capital gains distributions and year-end tax selling."
- "The uncertain outlook for markets, and our client's needs for a broad suite of investment solutions, makes it clear that we cannot risk standing still. Consequently, we have taken important steps to execute upon our strategy of becoming an increasingly diversified asset management firm in terms of investment expertise, products, vehicles and distribution channels to service evolving and diverse client needs. With the acquisition of Clarion Partners, we have added a private real estate capability with strong performance through market cycles, differentiated and diverse product offerings and broad growth opportunities in new geographies and products. By bringing EnTrust together with Permal, we create one of the largest alternative asset managers with complementary investment capabilities, global client relationships and business mix. Our investment in Precidian Investments gives us access to a proven innovator that will help us continue to drive product and vehicle diversification."
No comments:
Post a Comment