Legg Mason [see profile] almost doubled analysts' estimates with its earnings results, despite net outflows. Today the Balitmore-based mutual fund firm reported second quarter fiscal 2011 adjusted income per diluted share of $0.76, up from $0.59 in fiscal Q2 2010 and $0.60 in fiscal Q1 2011. Bloomberg reports that analysts estimated Legg would return only $0.39.

"Our operating margin, as adjusted, is the highest since September of 2008," stated Mark Fetting, chairman and CEO.

Legg's AUM rose from $645.4 billion on June 30 to $673.5 billion, despite $12.7 billion in net outflows. 

Edited by: Neil Anderson, Managing Editor


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