Lazard's Q3 revenue rises 9%, but misses estimates
LAZ•Lazard's third-quarter revenue rose 9% year over year to $814 million, missing the $837.57 million estimate, while adjusted EPS fell 36% to $0.36, below the $0.47 estimate.
1. Revenue and earnings
Lazard reported third-quarter revenue of $814 million, up 9% year over year but below analysts' $837.57 million estimate. Adjusted EPS fell 36% to $0.36, missing the $0.47 estimate; EPS was $0.26.
2. Costs and outlook
Adjusted compensation and benefits expense rose 18% year over year, lifting the adjusted compensation ratio to 69.9% from 65.5%. Lazard returned $88 million to shareholders through dividends and share repurchases. It aims to reduce its adjusted compensation ratio to 60% or below and its adjusted non-compensation ratio to between 16% and 20%, with timing dependent on market conditions.
