Lazard has been hiring more aggressively than peers, and it's helped them bag a leading quarter. The private capital advisory business is performing well, not so much on transaction volume from PE but from activity in newfound markets like secondary fund-stake deals. Other than that, overall M&A has been strong, they say, particularly in Europe, and restructuring has also been delivering very robust results.
A rise in LAZ's operating expenses hurt its third-quarter 2024 results. Improvement in AUM balances offers support.
Lazard, Inc. (NYSE:LAZ ) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET Company Participants Alexandra Deignan - Head of IR, Treasury & Corporate Sustainability Peter Orszag - CEO Mary Ann Betsch - CFO Evan Russo - CEO, Asset Management Conference Call Participants Brendan O'Brien - Wolfe Research Brennan Hawken - UBS Ryan Kenny - Morgan Stanley James Yaro - Goldman Sachs Devin Ryan - Citizens JMP Mike Brown - Wells Fargo Securities Aidan Hall - KBW Operator Good morning and welcome to Lazard's Third Quarter and First Nine Months 2024 Earnings Conference Call. This call is being recorded.
Peter Orszag, Lazard CEO, joins CNBC's 'Money Movers' to discuss Lazard earnings, inflation, the economy, and more.
While the top- and bottom-line numbers for Lazard (LAZ) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Lazard (LAZ) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.10 per share a year ago.
Investment bank Lazard's profit surged in the third quarter, driven by an industry-wide recovery in dealmaking.
Lazard (LAZ) 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.
Peter Orszag, Lazard CEO and former OMB Director under President Obama, joins 'Squawk Box' to discuss the state of the economy, impact of the port strike and the Middle East conflict, the Fed's inflation fight, state of dealmaking, what he's learned in his first year as Lazard CEO, and more.
LAZ's solid revenue growth and strategic expansion efforts are likely to keep supporting its financials. However, ongoing net outflows remain a concern.
LAZ's AUM balance in August 2024 declines marginally on the back of net outflows, partially offset by market and foreign exchange appreciation.
Lazard's (LAZ) AUM balance in July 2024 improves marginally on the back of the market and foreign exchange appreciation, partially offset by net outflows.