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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: LAZ

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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