Legg Mason, Inc. (LM: chart) announced before the bell Wednesday an 89% surge in its quarterly earnings, driven by an increase in assets under management. The Baltimore, Maryland-based financial services company posted net income of $91.9 million, or $1.21 a share, for the fiscal fourth quarter of 2004, compared with net income of $48.7 million, or 71 cents a share, in the comparable period a year earlier. Results glided past analysts’ expectations for a fourth-quarter profit of $1.15 per share, on average. Legg Mason recorded net revenue of $559.6 million in the quarter ended March 31, a 49% jump from $376.4 million a year ago. The company said that assets under management hit a record of $286.4 billion in the quarter, which represents a 49% increase from $192.2 billion, last year. Revenue from investment advisory fees soared 68% in the quarter to $367 million. For the full year, Legg Mason turned in net income of $297.8 million, or $4.06 per share, against $190.9 million, or $2.78 per share, for fiscal 2003.

Company shares inched down 8 cents to $90.43 at market close Wednesday.

Credit Suisse Group (CSR: chart) posted Wednesday a sharp rise in its quarterly profits, boosted by strong revenue growth. The second-largest bank in Switzerland reported first-quarter net earnings of 1.9 billion Swiss francs ($1.5 billion), in contrast to net earnings of 279 million francs, in the prior-year period. Quarterly net revenues rose 13% to 16.6 billion francs ($13.0 billion), from 14.7 billion francs, last year.

The stock gained 43 cents to close Wednesday at $36.11.

Boosted by strong sales of prescription drugs, CVS Corporation (CVS: chart) said before market open Wednesday that its first-quarter profit jumped 25% to $244.6 million, or 59 cents a share, from a profit of $196.3 million, or 48 cents a share, in the 2003 equivalent. Analysts had expected the drugstore chain to earn 56 cents per share, on average. The Woonsocket, Rhode Island-based company recorded net sales of $6.82 billion in the quarter, up 8% from a year ago. Same-store sales improved 6.4%.

CVS shares rose 1.35% on Wednesday to $40.53. The stock added 3 cents to $40.56 in after-hours trading.

Ligand Pharmaceuticals Incorporated (LGND: chart) of San Diego, California, reported Wednesday a narrower first-quarter net loss of $13.1 million, or 18 cents a share, compared to a year-earlier loss of $20.3 million, or 29 cents a share. The drug maker said results were due to higher net product sales, which jumped 80% to $34.1 million in the first quarter, from $18.9 million a year ago. Earnings, however, missed the mean analysts’ estimate for a loss of 6 cents a share.

The stock plummeted 15.51% to close Wednesday at $18.30. Ligand shares recovered 9 cents to $18.39 in after-market trade.

Impax Laboratories, Inc. (IPXL: chart) said Wednesday that it swung to a quarterly profit for the first time in its history, helped by rising revenue. The Hayward, California-based pharmaceutical company rolled out income of $9 million, or 14 cents per share, for its first quarter, a turnaround from a loss of $3.2 million, or 7 cents per share, in the same quarter last year. The consensus estimate of analysts was for a loss of 2 cents per share. Impax said revenue for the quarter soared more than 240% to $38.9 million, from $11.4 million a year earlier, driven by robust sales of its generic version of antidepressant Wellbutrin SR.

Impax shares rocketed up 17.62% on Wednesday to $24.70. The stock dropped 4 cents to $24.66 in after-hours trading.

TRW Automotive Holdings Corp. (TRW: chart) of Livonia, Michigan, posted Wednesday a net profit of $2 million, or 2 cents a share, for its fiscal first quarter. Excluding items, the auto parts maker reported earnings of $49 million, or 50 cents a share, beating by 5 cents a share the average analysts’ forecast. For the one-month period a year ago, after its acquisition by Blackstone Group, the company had a net loss of $46 million. TRW said higher sales of new products and the weaker dollar helped boost its results.

The stock closed Wednesday down 35 cents, or 1.67%, at $20.60.

THQ Inc. (THQI: chart), the Calabasas Hills, California-based video game publisher, reported after the bell Wednesday that it reversed course to a quarterly profit, aided by strong sales. The company announced fourth-quarter net income of $5.4 million, or 14 cents per share, rebounding from a year-ago loss of $7.7 million, or 20 cents per share. Results were 2 cents a share ahead of the mean estimate of analysts. Quarterly revenue jumped to $123 million from $66.8 million, in 2003.

THQ shares shed 6 cents to $18.38 at market close Wednesday. The stock surged 10.88% to $20.38 in after-market trade.

Reliant Energy, Inc. (RRI: chart) of Houston, Texas, announced Wednesday a smaller first-quarter net loss of $38.4 million, or 13 cents per share, in contrast to a net loss of $452.4 million, or $1.55 per share, a year ago, when results included a loss of $381 million for discontinued operations. The power producer recorded revenue of $1.74 billion in the quarter, a 29% drop from last year, hurt by weak market conditions.

The stock dipped 2.27% to $8.61 at market close Wednesday.

Andrx Corporation (ADRX: chart) said Wednesday that its quarterly profits quadrupled from a year ago, bolstered by surging sales. The Fort Lauderdale, Florida-based drug maker turned in first-quarter earnings of $26.7 million, or 36 cents per share, against earnings of $6.4 million, or 9 cents per share, for the first quarter of 2003. Results powered past analysts’ projections for a profit of 26 cents per share. Quarterly sales advanced 23% to $292 million.

Andrx shares soared 7.15% to close Wednesday at $25.46. The stock gained $1.79 to $27.25 in after-hours trading.

BMW AG ((BMW.F)) reported Wednesday a first-quarter net profit of €523 million ($638 million), up 2.5% from a net profit of €510 million, generated in the year-earlier quarter. The Munich, Germany-based automaker said sales in the quarter climbed 5% to €10.8 billion ($13.0 billion). BMW credited its new models for the profit increase.