Lazard Q1 Profit Climbs, Adj. EPS Misses View; Lifts Dividend, Share Buyback

(RTTNews) - Sovereign advisory group Lazard Ltd. (LAZ) reported Thursday that first-quarter net income climbed 19 percent to $67 million or $0.50 per share from last year's $56 million or $0.42 per share.

On an adjusted basis, net income was $67 million or $0.50 per share, compared to $103 million or $0.77 per share last year.

On average, 9 analysts polled by Thomson Reuters expected earnings of $0.65 per share. Analysts' estimates typically exclude special items.

First-quarter operating revenue of $506 million declined 13 percent from $581 million last year. Analysts expected revenues of $537.82 million.

Asset Management operating revenue of $240 million was down 12 percent.

Assets under management was $191 billion as of March 31, 2016, down 4 percent from last year. Average AUM in first-quarter 2016 was $185 billion, 7 percent lower than the first quarter of 2015.

Kenneth Jacobs, Chairman and Chief Executive Officer of Lazard, said, "We are advising clients on a record level of transactions in 2016, most of which we expect to be completed in the second half of the year, and our Asset Management business is performing well across investment platforms. In the current macroeconomic environment, we remain confident in the strength of our business for the year, despite a challenging first quarter."

Further, the company increased quarterly dividend by 9 percent to $0.38 per share.

On April 20, the company's Board of Directors authorized additional share repurchases, bringing total share repurchase authorization to $300 million.