For the quarter ended March 2025, Lazard (LAZ) reported revenue of $643.19 million, down 13.9% over the same period last year. EPS came in at $0.56, compared to $0.66 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $616.37 million, representing a surprise of +4.35%. The company delivered an EPS surprise of +93.10%, with the consensus EPS estimate being $0.29.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...

Core Viewpoint - Lazard reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, but down from $0.66 per share a year ago, indicating a 93.10% earnings surprise [1] Financial Performance - The company posted revenues of $643.19 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.35%, but down from $746.57 million year-over-year [2] - Over the last four quarters, Lazard has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Lazard shares have declined approximately 22.6% since the beginning of the year, compared to a decline of 6.8% for the S&P 500 [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $689.55 million, and for the current fiscal year, it is $2.50 on revenues of $2.98 billion [7] - The estimate revisions trend for Lazard is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Lazard belongs, is currently in the top 36% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

LAZARD REPORTS FIRST-QUARTER 2025 RESULTS NEW YORK, April 25, 2025 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $648 million and adjusted net revenue of $643 million for the quarter ended March 31, 2025. 1 On both a U.S. GAAP and an adjusted basis , Lazard reported first-quarter 2025 net income of $60 million or $0.56 per share, diluted. 1 "First quarter performance was solid in the midst of an uncertain business environment," said Peter R. Orszag, CEO and Chairman. "Throughout our history, we'v ...

The market expects Lazard (LAZ) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 25, 2025, might help the stock move higher if these key numbers are better th ...

1. 美国ETF创新产品：Lazard发行首批主动ETF | 上市时间 | 基金名称 | 代码 | | --- | --- | --- | | 2025/4/8 | Cambria Endowment Style ETF | ENDW | | 2025/4/8 | ALPS Electrification Infrastructure ETF | ELFY | | 2025/4/8 | Argent Focused Samll Cap ETF | ALIL | | 2025/4/8 | Argent Large Cap ETF | ABIG | | 2025/4/8 | Teucrium 2x Long Daily XRP ETF | XXRP | | 2025/4/8 | Praxis Impact Large Cap Growth ETF | PRXG | | 2025/4/8 | Praxis Impact Large Cap Value ETF | PRXV | | 2025/4/7 | Calamos Bitcoin Structured Alt Protection ETF - April | C ...

Lazard, Inc. (LAZ) reported a preliminary asset under management (“AUM”) balance of $232.9 billion for February 2025, a marginal decrease from $233 billion as of Jan. 31, 2025.The downfall in AUM balance was due to net outflows of $0.8 billion. The AUM was impacted favorably by foreign exchange appreciation of $0.5 billion and market appreciation of $0.1 billion.LAZ’s February AUM BreakdownIn February, Lazard’s equity assets decreased 0.8% from the prior month’s level to $180 billion.Fixed-income assets inc ...

Revenue and Financial Performance - Financial Advisory services accounted for approximately 57% of the company's consolidated net revenue for the year ended December 31, 2024[111]. - The company's Asset Management revenue is sensitive to fluctuations in Assets Under Management (AUM), which can decrease due to market depreciation, withdrawals, or foreign currency fluctuations[101]. - The company may experience unexpected declines in revenue and profitability due to clients being able to terminate investment advisory contracts on short notice[120]. - Poor investment performance can lead to significant client or asset departures, adversely affecting AUM and revenue[118]. - The company relies on successful completion of transactions for Financial Advisory revenue, making it vulnerable to fluctuations in market conditions[111]. - Revenue from private equity is derived from management fees based on committed or invested capital, with uncertainties affecting the ability to form new funds[125]. - Forward-looking statements include potential declines in revenues due to decreased M&A activity or AUM[178]. Competition and Market Environment - The financial services industry is intensely competitive, with pricing pressures expected to continue as competitors seek to gain market share[107]. - The company faces significant competition in retaining key professionals, which is critical for executing Financial Advisory and Asset Management engagements[103]. - The market environment is competitive and rapidly changing, with new risks emerging over time[176]. Operational Risks - The company faces risks from operational failures of third-party service providers, which could adversely affect transaction management and results of operations[123]. - Operational risks, including reliance on information systems and potential disruptions, could materially affect business continuity and financial results[138]. - Cybersecurity incidents pose a risk to the company's operations, potentially leading to reputational damage and financial losses[158]. Regulatory and Compliance Risks - The company is subject to extensive regulation, which may limit activities and expose it to significant penalties[141]. - The implementation of the EU Markets in Financial Instruments Directive II ("MiFID II") has reduced the ability to utilize commissions for research services in certain European jurisdictions[147]. - New regulations, including UCITS V, may impact compensation structures and increase operational costs for the Asset Management business[148]. - The company faces increased scrutiny from regulators, which may lead to higher operational and compliance costs[146]. - The financial services industry is experiencing heightened litigation and regulatory risks, which could lead to significant legal liabilities[150]. - The company is subject to potential conflicts of interest due to its dual operations in Financial Advisory and Asset Management[151]. Tax and Financial Obligations - Changes in tax laws, such as the 1% excise tax on net stock repurchases from the Inflation Reduction Act of 2022, could adversely impact the effective tax rate[164]. - The effective tax rate may be negatively impacted by changes in the jurisdictional mix of earnings and losses across different countries[163]. - The IRS may challenge tax computations and classifications, potentially leading to significant additional tax costs[166]. - The Amended and Restated Tax Receivable Agreement may result in payments exceeding cash tax savings if tax basis increases are challenged[169]. - Lazard, Inc. relies on distributions from Lazard Group to cover dividends and taxes, which could materially affect its financial condition if distributions are restricted[170]. - Lazard Group depends on its subsidiaries for distributions to meet financial obligations, and there is no obligation for subsidiaries to provide funds[172]. Debt and Liquidity - Lazard Group has approximately $1.7 billion in outstanding debt as of December 31, 2024, with specific maturities of $300 million, $500 million, $500 million, and $400 million due in 2027, 2028, 2029, and 2031 respectively[130]. - The inability to access capital markets due to debt obligations could impair liquidity and increase borrowing costs[130]. - The company faces risks related to liquidity and access to funds for business operations[178]. Strategic Initiatives - The company is exploring new business lines and acquisitions to enhance competitive positioning, which may introduce additional risks and uncertainties[126]. - International operations are expected to grow, contributing significantly to revenue, but carry inherent financial and business risks[135]. - The Asset Management business obtained research and other eligible services through third-party soft dollar arrangements valued at approximately $24 million for the year ended December 31, 2024[147]. Internal Controls and Governance - The company is in compliance with Section 404 of the Sarbanes-Oxley Act as of December 31, 2024, but failure to maintain effective internal controls could adversely affect the business[162]. - Anti-takeover provisions may delay or prevent changes in control, potentially affecting stock price[168]. - The company is committed to providing timely and accurate information to the investing public through its websites and social media[180].

Core Viewpoint - Lazard, Inc. (LAZ) has experienced a significant share price increase of 42.7% over the past year, outperforming the industry growth of 20.8% and the S&P 500 Index's 22.7% rise [1] Performance Summary - LAZ's peers, Brookfield Asset Management Inc. (BAM) and Burford Capital Limited (BUR), have shown varied performance, with BAM gaining 47.7% and BUR declining by 1.9% [1] Factors Driving Growth - The revival of deal-making activities, supported by favorable policies and a stabilizing macroeconomic environment, is expected to enhance M&A activities, benefiting LAZ's top line [5][6] - Lazard's diversified Asset Under Management (AUM) mix is anticipated to drive overall revenue growth [6] - Recent acquisitions, including Truvvo Partners with $3.8 billion in AUM, are expected to contribute positively to revenue [8] - The establishment of Lazard Elaia Capital aims to launch a growth capital fund focused on private companies in the technology sector, aligning with Lazard's long-term strategy [9] Financial Position - As of December 31, 2024, Lazard held senior debt of $1.69 billion and maintained investment-grade credit ratings, providing access to favorable debt market conditions [10] - The company reported cash and cash equivalents of $1.31 billion and $200 million available under its credit facility, indicating decent financial flexibility [11] Long-term Goals - Lazard aims to double its revenues by 2030, driven by its Asset Management and Advisory segments, with an expected total shareholder return of 10-15% per year through 2030 [12] Challenges - The company has faced significant net outflows, particularly in the equity asset class, with $35.7 billion in outflows reported in 2024 [14] - Financial Advisory revenues, which contributed 59.9% to total operating revenues, have seen declines due to muted global M&A activity [15] Valuation - LAZ is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 12.29X, which is below the industry average of 17.02X, indicating a potentially attractive valuation [16][18] Earnings and Sales Estimates - Zacks Consensus Estimates for sales in 2025 are projected at $3.21 billion, with a year-over-year growth estimate of 11.08% [21] - Earnings per share (EPS) estimates for 2025 are projected at $4.24, reflecting a year-over-year growth of 81.20% [23]

Core Viewpoint - Lazard Inc. reported strong fourth-quarter 2024 adjusted earnings per share of 78 cents, exceeding the Zacks Consensus Estimate of 51 cents and up from 66 cents in the prior year [1][2]. Financial Performance - The company's net income (GAAP) for 2024 was $86.3 million, a 36% increase from the previous year, with earnings of $2.34 per share surpassing the consensus estimate of $2.06 [3]. - Quarterly operating revenues reached $812.4 million, reflecting a 7% year-over-year increase and exceeding the Zacks Consensus Estimate by 9.9% [4]. - For the full year 2024, operating revenue totaled $2.89 billion, which was 18% higher than the previous year and also above the Zacks Consensus Estimate by 2.5% [4]. Expense Management - Operating expenses decreased to $709.8 million, down 3% year over year, with adjusted compensation expenses to operating revenues ratio improving to 65.6% from 67.8% [5]. Segment Performance - Financial Advisory segment adjusted operating revenues were $507.7 million, up 6% year-over-year [6]. - Asset Management segment adjusted operating revenues increased by 5% to $287.2 million [6]. - Corporate segment adjusted operating revenues surged 77% to $17.6 million [6]. Assets Under Management (AUM) - As of December 31, 2024, total AUM was $226.3 billion, down 8.2% from $246.7 billion a year earlier, impacted by foreign exchange appreciation and net outflows [7]. - The average AUM for the quarter was $233.8 billion, a slight decrease of 0.1% year over year [7]. Balance Sheet Strength - The company's cash and cash equivalents stood at $1.3 billion, showing a marginal increase from the prior year, while stockholders' equity rose to $685.2 million, up 0.7% sequentially [8]. Shareholder Returns - In the reported quarter, Lazard repurchased $16 million worth of its common shares [9]. - A quarterly dividend of 50 cents was declared on January 29, 2025, payable on February 21, 2025, to stockholders of record as of February 10, 2025 [10]. Strategic Outlook - The company is focused on organic growth, as indicated by revenue increases, and maintains a strong liquidity position, although reliance on advisory revenues and net outflows may impact future top-line growth [11].

Group 1 - Lazard, Inc. (NYSE: LAZ) reported a quarter with unimpressive performance, showing lower revenue growth compared to peers [2] - The company is gaining traction with its investment group, The Value Lab, which offers members a portfolio with real-time updates and various market insights [2] - The Value Lab aims for a portfolio yield of about 4% and focuses on identifying mispriced international equities [1] Group 2 - The Valkyrie Trading Society consists of analysts who share high-conviction investment ideas that are expected to generate non-correlated and outsized returns [3] - The society operates as long-only investors, focusing on downside-limited strategies in the current economic environment [3]