Investment firm Legg Mason reported Tuesday that its fiscal fourth-quarter earnings rose 10.3 percent as it completed a streamlining plan and reduced costs.
Baltimore-based Legg Mason posted net income for the three months ended March 31 of $76.1 million, or 54 cents a share. That was up from $69 million, or 45 cents a share, in the fourth quarter of fiscal 2011.
Results in the latest quarter included $1.9 million, or 1 cent a share, in transition-related costs from actions the company has taken since mid-2010 to streamline its business. In the year-earlier quarter, those costs were much higher at $15.7 million, or 7 cents a share.
On an adjusted basis, Legg Mason's fiscal fourth-quarter earnings were $123.6 million, or 88 cents a share.
Revenue fell 9 percent to $648.6 million from $713.4 million a year earlier, reflecting a 6 percent decline in average assets under management and a $5 million reduction in performance fees.
On average, analysts surveyed by FactSet forecast a quarterly profit of 47 cents per share on revenue of $644.9 million.
The company's board also authorized a quarterly dividend of 11 cents, up 3 cents, or 38 percent, from the prior payout. The dividend is payable July 9 to shareholders of record June 12.
Assets under management at March 31 totaled $643.3 billion, up 3 percent from Dec. 31 but a decline of 5 percent from a year earlier.
For all of fiscal 2012, net income fell 13 percent, to $220.8 million, or $1.54 a share, from $253.9 million, or $1.63 a share, the previous year. Full-year revenue declined 4 percent to $2.7 billion from $2.8 billion in fiscal 2011.
Legg Mason shares fell 75 cents to end at $25.32 in regular trading Tuesday. They added 28 cents in after-hours trading, rising to $25.60.