Lazard Earnings: A Mixed Bag
Lazard Ltd. (NYSE:LAZ) reported net income above Wall Street’s expectations for the third quarter. Lazard, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. The company’s Financial Advisory segment offers a range of services regarding mergers and acquisitions and strategic advisory matters.
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Lazard Ltd. Earnings Cheat Sheet
Results: Net income for Lazard Ltd. rose to $33.3 million (70 cents per share) vs. $30.8 million ($1.39 per share) in the same quarter a year earlier. This marks a rise of 8% from the year-earlier quarter.
Revenue: Fell 1.7% to $449.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Lazard Ltd. beat the mean analyst estimate of 21 cents per share. Analysts were expecting revenue of $452.4 million.
The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 25 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 37 cents a share to 35 cents over the last ninety days. The average estimate for the fiscal year is $1.14 per share, down from $1.22 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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