Legg Mason misses by $0.85, misses on revs :
- Reports Q4 (Mar) loss of $0.15 per share, $0.85 worse than the two analyst estimate of $0.70; revenues fell 11.8% year/year to $619.5 mln vs the $635.03 mln Capital IQ Consensus.
- "Macro headwinds negatively impacted operating results for the quarter, which were disappointing in terms of long-term flows and financial performance. At the same time, it is very clear that we must continue to position Legg Mason longer-term to deliver greater choice to our clients across investment strategy, product, vehicle and distribution access. During the fourth quarter we made significant progress in this regard, as we announced three transactions that continue Legg Mason's affiliate portfolio transformation that began three years ago. With these additions, we have greater flexibility to invest in segments where client preferences are moving and establish new products and solutions in areas where we see the potential for substantial growth long-term. Combined with our strong cash generation and an ongoing commitment to returning capital to shareholders, we remain confident in our ability to create long-term value."
- Quarterly dividend was increased by 10% to $0.22.
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