Lazard Ltd. (LAZ) Tops Q1 EPS by 8c

Lazard Ltd. (NYSE: LAZ) reported Q1 EPS of $0.77, $0.08 better than the analyst estimate of $0.69. Revenue for the quarter came in at $581 million versus the consensus estimate of $561.07 million.

“Our Financial Advisory and Asset Management businesses continue their strong performance,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “We are focused on serving clients, reinforcing our global franchise and building shareholder value.”

“Lazard’s increased market share of large, complex and cross-border transactions reflects the unrivaled scale and depth of our advisory expertise,” said Mr. Jacobs. “Asset Management’s growth in volatile market conditions underscores the quality of our investment platforms, people and pattern of long-term performance.”

“In the first quarter, we refinanced and repaid a portion of Lazard’s long-term debt, significantly reducing our interest costs,” said Matthieu Bucaille, Chief Financial Officer of Lazard. “Consistent with our capital management objectives, we have increased the quarterly dividend by 17%, the fifth increase in as many years.”

For earnings history and earnings-related data on Lazard Ltd. (LAZ) click here.

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