This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs