Financial Data and Key Metrics Changes - For the first half of 2024, total firm-wide adjusted net revenue was $1.4 billion, up 25% from the prior year [4] - Second quarter firm-wide adjusted net revenue was $685 million, up 10% from the same time last year [9] - Financial Advisory adjusted net revenue was $408 million for the second quarter, up 19% year-over-year, and a record $855 million for the first half of 2024, up 38% [9] Business Line Data and Key Metrics Changes - The Asset Management business delivered adjusted net revenue of $541 million for the first half of the year [7] - For the second quarter, adjusted net revenue for Asset Management was $265 million, down 1% compared to the second quarter last year [30] - Management fees for the second quarter increased by 1% compared to the same period last year [30] Market Data and Key Metrics Changes - As of June 30, 2024, reported AUM was $245 billion, 2% higher than June 2023 but 2% lower than March 2024 [30] - Market appreciation during the quarter was $2.5 billion, offset by foreign exchange depreciation of $1.7 billion and net outflows of $6.6 billion [30] Company Strategy and Development Direction - The company is focused on expanding its capabilities in private capital and enhancing its advisory services [12][21] - Lazard is pursuing a long-term growth strategy, with a commitment to balancing investments in growth with returning capital to shareholders [32][38] - The company is investing in new specialty products and strategies, including a U.S. small cap equity fund and a global listed infrastructure active ETF [16] Management's Comments on Operating Environment and Future Outlook - Management noted improving economic conditions and anticipated further improvement in the operating environment for both businesses due to potential Fed rate cuts [34] - The geopolitical team is generating revenue and increasing client interest, reflecting the company's strength in navigating complex risks [35] - Management expressed optimism about continued growth and market share gains, driven by a renewed ambition and strategic hiring [69] Other Important Information - The adjusted effective tax rate for the second quarter was 14%, significantly lower than 31.2% for the same period in 2023 [31] - The company returned $70 million to shareholders in the second quarter, including a quarterly dividend of $45 million [32] Q&A Session Summary Question: What is the outlook for M&A activity given the global election cycle? - Management indicated that while the election cycle presents headwinds, it could also lead to increased cross-border M&A activity due to potential tariffs [40][64] Question: How is the company expanding its Private Capital Advisory capabilities? - The company has significantly expanded its capabilities in private capital, including new hires and enhanced coverage efforts [21][74] Question: What are the expectations for the Asset Management business in light of recent flow trends? - Management acknowledged challenges in flow trends but noted a recent rotation towards value stocks, which could improve future flows [48][49] Question: How does the company view its current strengths and areas for enhancement? - Management highlighted strengths in primary and secondary fundraising within Private Capital Advisory and emphasized the need for further development in this area [83]

Industry Overview - The Financial - Miscellaneous Services industry is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the sector [1] - Historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [1] Company Performance - Lazard reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, and showing an increase from $0.24 per share a year ago [9] - The company achieved revenues of $684.64 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.89% and up from $620.03 million in the previous year [10] - Over the last four quarters, Lazard has surpassed consensus EPS estimates three times [3][10] - Lazard shares have increased approximately 24.5% since the beginning of the year, outperforming the S&P 500's gain of 13.8% [11] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.60 on revenues of $677.21 million, and for the current fiscal year, it is $2.73 on revenues of $2.88 billion [13] - The estimate revisions trend for Lazard is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [4]

LAZARD Media Contact: Shannon Houston +1 212 632 6880 shannon.houston@lazard.com Investor Contact: Alexandra Deignan +1 212 632 6886 alexandra.deignan@lazard.com LAZARD REPORTS SECOND-QUARTER AND FIRST-HALF 2024 RESULTS • Financial Advisory reports record first-half adjusted net revenue of $855 million • Asset Management reports quarter-end AUM of $245 billion • Investing in talent firm-wide to support long-term growth strategy NEW YORK, July 25, 2024 – Lazard, Inc. (NYSE: LAZ) today reported both net reven ...

Lazard, Inc. (LAZ) reported its preliminary asset under management (AUM) balance of $245 billion for May 2024. This reflected a 1.7% increase from $240.8 billion as of Apr 30, 2024. The rise in AUM balance was driven by a market appreciation of $4.4 billion and foreign exchange appreciation of $1.4 billion. These were partially offset by net outflows of $1.6 billion. Over the past six months, shares of Lazard have gained 7.2% against the industry's decline of 1.5%. Image Source: Zacks Investment Research Th ...

Pgiam/iStock via Getty Images Lazard, Inc. (NYSE:LAZ) is one of the companies we cover in the financial advisory space, where last time we focused on their relatively cautious tone but generally resilient performances. We like their value and think that their advisory business tends to be poorly recognized in the stock market, despite how well recognized its brand is. Liability management activity is clearly up, and even without additional distress it should continue to grow thanks to maturity walls. Hardco ...

Lazard, Inc. (LAZ) reported its preliminary asset under management (AUM) balance of $240.8 billion for April 2024. This reflected a 3.8% decline from $250.4 billion as of Mar 31, 2024. The downfall in AUM balance was due to a market depreciation of $4.4 billion, net outflows of $3.6 billion and foreign exchange depreciation of $1.6 billion. In April, Lazard's equity assets and fixed income declined 3.9% each from the prior month's level to $187.6 billion and $45.4 billion, respectively. Other income dipped ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to ________ 001-32492 (Commission File Number) _____________________________ ...

Lazard Inc.’s (LAZ) first-quarter adjusted earnings per share of 66 cents beat the Zacks Consensus Estimate of 58 cents. This company had incurred a loss of 26 cents per share in the year-ago quarter.Results benefited from increased revenues and assets under management (AUM) balances. However, higher expenses acted as spoilsports.The company’s shares declined 1% following the release of its first-quarter 2024 results.Lazard’s net income (GAAP) was $35.8 million against a loss of $22.2 million reported in th ...

Lazard (LAZ) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.79%. A quarter ago, it was expected that this company would post earnings of $0.35 per share when it actually produced earnings of $0.66, delivering a surprise of 88.57%.Over the last four quarters, the company has surpassed ...

LAZARD REPORTS FIRST-QUARTER 2024 RESULTS NEW YORK, April 25, 2024 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $765 million and adjusted net revenue of $747 million for the quarter ended March 31, 2024. On a U.S. GAAP basis, first- quarter 2024 net income was $36 million or $0.35 per share, diluted. Adjusted net income was $67 million, or $0.66 per share, diluted, for the quarter. 1 2 "Lazard's record first-quarter revenue reflects an improving M&A environment and reinforces our outlook for a p ...