Lazard (LAZ) Tops Q1 EPS by 7c

Lazard (NYSE: LAZ) reported Q1 EPS of $0.61, $0.07 better than the analyst estimate of $0.54. Revenue for the quarter came in at $540 million versus the consensus estimate of $514.8 million.

"Our first-quarter performance underscores the power of Lazard’s global franchise and market-leading concentration of senior-level expertise,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard.

“Both of our businesses achieved strong results,” said Mr. Jacobs. “Financial Advisory activity increased as our public, private and sovereign clients sought trusted advice on complex assignments. Asset Management reached a record level of AUM, with net inflows, as we provided high-quality investment solutions to institutional and retail clients around the world.”

“Lazard’s earnings growth reflects the enhanced profitability we have built into the firm,” said Matthieu Bucaille, Chief Financial Officer of Lazard. “We are focused on our 2014 financial targets as we continue to invest in our businesses and maintain discipline on expenses.”

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

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