Lazard Stock Gains as Earnings & Revenues Beat Estimates in Q4

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$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$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$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].