Lazard Earnings: Revenues Strong as Profit Dips
Lazard Ltd. (NYSE:LAZ) reported its results for the second 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. fell to $30.8 million (24 cents per share) vs. $62 million (48 cents per share) a year earlier. This is a decline of 50.3% from the year-earlier quarter.
Revenue: Fell 8.7% to $457.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Lazard Ltd. fell short of the mean analyst estimate of 25 cents per share. Analysts were expecting revenue of $452.4 million.
Quoting Management: “Lazard continues to generate strong revenues in a weak macroeconomic environment,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “The breadth of our global advisory franchise was evident as we advised on multiple large, complex, cross-border M&A transactions. Our Asset Management business achieved net inflows in the second quarter, despite volatile equity markets, reflecting our competitive positioning and strong pattern of performance.”
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 33 cents versus a mean estimate of net income of 24 cents per share.
Revenue fell last quarter after seeing a rise the quarter before. Revenue rose 9.8% to $506.5 million in the first quarter from the year earlier.
Looking Forward: Over the past ninety days, the average estimate for the third quarter has fallen from 39 cents per share to 27 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. At $1.28 per share, the average estimate for the fiscal year has fallen from $1.57 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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