Earnings and Losses

Lazard's 2Q net income grows by 58 percent

Lazard posts 58-percent increase in 2nd-quarter net income, tops Wall Street's estimate

Lazard Ltd. said Wednesday its second-quarter net income jumped 58 percent from the year before on record-high revenue from asset management and fees.

The investment bank said its net income rose to $44.6 million, or 39 cents a share, in the three months ended June 30, from $28.2 million, or 34 cents a share, in the year-ago period.

On average, analysts polled by Thomson Reuters expected net income of 38 cents per share.

Quarterly revenue gained 9 percent to $440.4 million from $402.5 million. Analysts expected $419.7 million in revenue.

Asset management operating revenue climbed 42 percent to a record $187.2 million, while management fees jumped 56 percent to a quarterly high of $167 million.

Assets under management grew 26 percent to $123.5 billion from $98 million, reflecting net inflows of $3 billion.

Shares of the company rose 2 cents to $30.21 in afternoon trading.

AP News |

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