Buoyed by strong investor activity in the stock market, Legg Mason Inc. enjoyed record income and revenues in its second fiscal quarter, the Baltimore-based brokerage firm said yesterday.
The company, which owns Legg Mason Wood Walker Inc., said its earnings increased by more than 25 percent, to $4.6 million, or 47 cents a share fully diluted, in the past three months.
That compared with earnings of $3.7 million, or 39 cents a share, in the same period last year.
Revenues rose to $68.7 million, compared with $64 million in the year-ago period.
Legg Mason's results came as little surprise to analysts, who have expected the brokerage industry as a whole to show a healthy increase in earnings compared with last year's comparable period.