Legg Mason Inc. saw its profit decline 4 percent in the second quarter as the financial industry continued to experience what CEO Joseph A. Sullivan called "significant challenges."
The Baltimore-based money manager reported earnings of of $72.8 million, or 82 cents per share, in the quarter ending Sept. 30. That's down from $75.7 million, or 78 cents per share, in the prior-year quarter. Earnings per share increased because there were fewer outstanding shares compared to the same time a year ago.
