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The headline numbers for Lazard (LAZ) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Strong Start to 2024 with Record First-Quarter Adjusted Net Revenue
Lazard (LAZ) delivered earnings and revenue surprises of 13.79% and 8.01%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?
Lazard's first-quarter profit exceeded estimates on Thursday, buoyed by a resurgence in dealmaking at the boutique investment bank. A robust economy and steadying interest rate outlook have sparked a flurry of large mergers and acquisitions (M&A) this year. Lazard's profit gained from a string of high-profile deals it advised on in the first quarter, such as AbbVie's $10.1 billion acquisition of ImmunoGen and Gilead's $4.3 billion deal for CymaBay Therapeutic.
Lazard's first-quarter profit exceeded estimates on Thursday, buoyed by a resurgence in dealmaking at the boutique investment bank. A robust economy and steadying interest rate outlook have sparked a flurry of large mergers and acquisitions (M&A) this year. Lazard's profit gained from a string of high-profile deals it advised on in the first quarter, such as AbbVie's $10.1 billion acquisition of ImmunoGen and Gilead's $4.3 billion deal for CymaBay Therapeutic.
Lazard reported a higher first-quarter profit on Thursday buoyed by a growth in assets at the boutique investment bank. Profit attributable to Lazard was $36 million, or 35 cents per share, in the quarter, compared with a loss of $22 million, or 27 cents per share, a year earlier.
NEW YORK, April 25, 2024--Lazard, Inc. (NYSE: LAZ) today reported net revenue of $765 million and adjusted net revenue1 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 income2 was $67 million, or $0.66 per share, diluted, for the quarter.
NEW YORK, April 24, 2024--Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 17, 2024, to stockholders of record on May 6, 2024.
LendingClub (LC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Lazard (LAZ) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.