Legg Mason expects earnings ahead of consensus

Legg Mason (LM) expects to earn an above-consensus $0.65 to $0.68 per share in FQ3, though that amount will be less than it made in the prior quarter thanks to a higher effective tax rate and some downsizing charges, among other items.

Preliminary AUM at quarter end of $680B is up $24B from FQ2, with $14B of that from market appreciation and $10B from inflows. Equity inflows were $13B.

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