Legg Mason's profits rose 40% in 3rd quarter

January 20, 1994|By David Conn | David Conn,Staff Writer

Legg Mason Inc., the Baltimore-based brokerage and investment banking firm, has seen its third-quarter revenue rise 21 percent over last year and its profits climb almost twice as fast.

The company, whose main subsidiary is Legg Mason Wood Walker Inc., reported yesterday that revenue for the three months that ended Dec. 31 rose to $103.1 million, compared with $85.1 million a year ago.

Profits reached $9.9 million, or 40 percent higher than the $7.0 million earned in the third quarter a year earlier. Legg Mason earned 81 cents a share in the latest period, up from 61 cents a year earlier.

"Results in our securities brokerage, investment advisory and investment banking activities were strong in both the three- and nine-month periods," said Legg Mason's chairman and CEO, Raymond A. Mason.

"Revenues from investment advisory activities grew for the 15th consecutive quarter," he said.

During the first nine months of the year, revenue of $301.2 million was 23 percent higher than a year ago. And earnings for the period rose to $29.4 million, or $2.43 a share, from $21.5 million, or $1.86 a share a year earlier.

Legg Mason Inc.

.. .. .. .. .. .. .. .. .. .. ..Ticker .. .. .. .. ..Yesterday's

.. .. .. .. .. .. .. .. .. .. ..Symbol .. ...Cls... .. .. ..Chg.

.. .. .. .. .. .. .. .. .. .. ...LM .. .. ...24 1/2 .. .. .. .. ..+Period ended

Dec. 31 .. .. .. .. .. ..3rd qtr. .. .. ...Year ago .. .. .Chg.

Revenue .. .. .. .. .. ..$103,125 .. .. .. .$85,143 .. ..+21.1%

Net Income .. .. .. .. .. .$9,889 .. .. .. ..$7,045 .. ..+40.4%

Primary EPS .. .. .. .. .. .$0.81 .. .. .. ...$0.61 .. ..+32.8%

.. .. .. .. .. .. .. .. ...9 mos. .. .. .. .Year ago .. ...Chg.

Revenue .. .. .. .. .. ..$301,240 .. .. ...$244,090 .. .+23.4%

Net Income .. .. .. .. .. .$29,381 .. .. .. .$21,493 .. .+36.7%

Primary EPS .. .. .. .. .. ..$2.43 .. .. .. ...$1.86 .. .+30.6%

Figures in thousands (except per share data.)

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