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.
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.”
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).
(Source: Xignite Financials)