Lazard Earnings: Here’s Why the Stock is Falling Now
Lazard Ltd. (NYSE:LAZ) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.36%.
Lazard Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 125354.55% to $414 in the quarter versus EPS of $0.33 in the year-earlier quarter.
Revenue: Decreased 99.94% to $280,000 from the year-earlier quarter.
Actual vs. Wall St. Expectations: Lazard Ltd. reported adjusted EPS income of $414 per share. By that measure, the company beat the mean analyst estimate of $0.31. It missed the average revenue estimate of $455.78 million.
Quoting Management: “Our first-quarter results reflect the uneven pace of the M&A markets, balanced by the strength of the equity markets,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “Record first-quarter operating revenue in our Asset Management business was offset by a weak quarter in Financial Advisory.”
Key Stats (on next page)…