Lazard reports Q3 adjusted EPS 38c, consensus 40c

Reports Q3 adjusted revenue $646M, consensus $652.12M. Average AUM was $246B, 4% higher than 3Q23, and in line with Q2 2024. “Lazard’s (LAZ) growth strategy continues to gain momentum, with Financial Advisory revenue up 39 percent for the first nine months of this year, 16 new Managing Directors hired year-to-date and our work with private capital expanding,” said CEO Peter Orszag. “Asset Management delivered another solid quarter, providing a durable source of revenue for the firm, with assets under management increasing more than 8 percent from a year ago. Lazard’s unique insights into business and geopolitical issues continue to position us well to serve clients and deliver long-term shareholder value.”