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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amgen Inc | NASDAQ:AMGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-11.94 | -3.84% | 299.35 | 299.25 | 299.74 | 312.73 | 297.52 | 310.88 | 4,717,623 | 00:54:40 |
By Everdeen Mason
Lazard Ltd. swung to a fourth-quarter profit, as the midsize investment bank showed continued strength in its financial advisory and asset- management businesses.
For the quarter, Lazard reported earnings of $53.2 million, or 40 cents a share, versus a year-earlier loss of $5.4 million, or 5 cents a share.
On a fully exchanged basis, the company's earnings rose to 81 cents from 61 cents a share a year ago. Fully exchanged refers to the full conversion of all outstanding exchangeable interests held by LAZ-MD Holdings, the entity owned by Lazard Group's current and former managing directors, including executive officers.
Operating revenue rose 8.2% to $620.5 million.
Analysts polled by Thomson Reuters were looking for per-share earnings of 61 cents and $558 million in revenue.
Lazard said its financial advisory business's operating revenue on an adjusted basis climbed 1.8% to $315 million, driven by an 8% increase in M&A and other advisory revenue.
Strategic advisory, which includes mergers and acquisitions, sovereign and government advisory and capital markets, boosted operating revenue 7.4% to $280.5 million.
Average assets under management totaled $238 million, up 14% from a year ago and 4% from the previous quarter.
"In Financial Advisory, we are poised to benefit from an upturn in the M&A market," Chief Executive Kenneth Jacobs said. "In Asset Management, our continued strong pattern of performance and record level of assets under management position us well for further organic growth."
Compensation expense fell 17% to $367.9 million.
The company's shares closed on Tuesday at $42.99 and were inactive in Wednesday's premarket. The stock has risen 20% in the past 12 months.
Write to Everdeen Mason at everdeen.mason@wsj.com
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