Lazard Ltd. Earnings Cheat Sheet: Sees Profit Move Up

Lazard Ltd. (NASDAQ:LAZ) reported its results for the second quarter. Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. The companys Financial Advisory segment offers a range of services regarding mergers and acquisitions and strategic advisory matters etc.

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Lazard Earnings Cheat Sheet for the Second Quarter

Results: Net income for the asset management company rose to $65.8 million (48 cents per share) vs. $44.6 million (39 cents per share) in the same quarter a year earlier. This marks a rise of 47.6% from the year earlier quarter.

Revenue: Rose 7.7% to $477.3 million from the year earlier quarter.

Actual vs. Wall St. Expectations: LAZ fell short of the mean analyst estimate of 49 cents per share. Analysts were expecting revenue of $470.1 million.

Quoting Management: “Our strong first-half performance underscores the power of Lazard’s advice-driven, intellectual capital model,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “Companies, government bodies and investors continue to demand independent advice with a geographic perspective, deep understanding of capital structure, informed research, and knowledge of global economic conditions during this uneven economic recovery.”

Key Stats:

The company fell short of estimates last quarter after being in line with expecations the quarter before with net income of 43 cents.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 0.5% to $461.3 million in the first quarter from the year earlier.

Competitors to Watch: Lazard Ltd (NYSE:LBJ), Evercore Partners Inc. (NYSE:EVR), Greenhill & Co., Inc. (NYSE:GHL), Goldman Sachs Group, Inc. (NYSE:GS), Deutsche Bank AG (NYSE:DB), Rodman & Renshaw Capital Group Inc. (NASDAQ:RODM), KBW, Inc. (NYSE:KBW), Cowen Group, Inc. (NASDAQ:COWN), Jefferies Group, Inc. (NYSE:JEF), and UBS AG (NYSE:UBS).

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(Source: Xignite Financials)