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Lazard Ltd Reports Second-Quarter And First-Half 2013 Results

Lazard Ltd (NYSE: LAZ):

Highlights
  • Net income per share, as adjusted 1 , of $0.45 (diluted) for the quarter ended June 30, 2013, excluding charge 2 , compared to $0.25 for the second quarter of 2012
  • Record second-quarter operating revenue 1 of $511 million, up 12% from second-quarter 2012; first-half operating revenue of $925 million, down 3% from the record first half of 2012
  • Financial Advisory operating revenue of $263 million for second-quarter 2013, up 9% from second-quarter 2012; $432 million for the first half of 2013, down 17% from the record first half of 2012
  • M&A and Other Advisory operating revenue of $218 million for second-quarter 2013, up 12% from second-quarter 2012; $339 million for the first half of 2013, down 13% from the first half of 2012
  • Record second-quarter Asset Management operating revenue of $243 million, up 18% from second-quarter 2012 and up 1% from first-quarter 2013; record first-half operating revenue of $483 million, up 16% from the first half of 2012
  • Assets under management of $163 billion as of June 30, 2013, up 10% from June 30, 2012 and down 5% from March 31, 2013; net outflows of $4 billion for second-quarter 2013
  • Cost saving initiatives exceed plan, with a final associated charge of $38 million in second-quarter 2013
  • Return of capital to shareholders totaling $230 million 3 in the first half of 2013
 

($ in millions, except

per share data and AUM)
        Quarter Ended

June 30
      Six Months Ended

June 30
2013     2012     %’13-’12 2013     2012     %’13-’12

As Adjusted 1,2
Operating revenue $511 $455 12% $925 $954 (3)%
Financial Advisory $263 $243 9% $432 $520 (17)%
Asset Management $243 $207 18% $483 $417 16%
Net income $60 $33 81% $97 $78 25%
Diluted net income per share $0.45 $0.25 84% $0.73 $0.57 27%
 

U.S. GAAP
Net income $31 $31 $47 $56
Diluted net income per share $0.24 $0.24 $0.36 $0.44
 

Supplemental Data
Quarter-end AUM ($ in billions) $163 $148 10%
Average AUM ($ in billions) $168 $151 11% $169 $149 14%
 
 

Note: Endnotes are on page 12 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on page 19.

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