Legg Mason, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported total operating revenues of $793.090 million against $715.241 million a year ago. Operating loss was $27.333 million against income of $111.166 million a year ago. Loss before income tax was $40.850 million against income of $90.968 million a year ago. Net income attributable to the company was $149.222 million against $51.439 million a year ago. Diluted earnings per share were $1.58 against $0.50 a year ago. Adjusted operating revenues were $659.332 million against $690.025 million a year ago. Adjusted operating income was $179.532 million against $140.777 million a year ago. Cash provided by operating activities was $117.323 million against $209.102 million a year ago. Adjusted EBITDA was $187.000 million against $160.309 million a year ago.

For the nine months, the company reported total operating revenues of $2,355.270 million against $2,163.776 million a year ago. Operating income was $224.291 million against $312.354 million a year ago. Income before income tax provision was $177.239 million against $268.053 million a year ago. Net income attributable to the company was $275.806 million against $151.332 million a year ago. Diluted earnings per share were $2.86 against $1.43 a year ago. Adjusted operating revenues were $1,890.347 million against $1,734.759 million a year ago. Adjusted operating income was $471.474 million against $336.786 million a year ago. Cash provided by operating activities was $293.072 million against $346.961 million a year ago. Adjusted EBITDA was $521.669 million against $406.847 million a year ago.

For the quarter, the company reported Non-cash intangible asset impairment charge of $195.0 million against $35.000 million a year ago.

For the fourth quarter, the company expects 31% effective tax rate, and GAAP effective tax rate to be fall between 22% to 26%.

For the fiscal year 2018, the company expects cash tax rate to be 8%.