Lazard beats by $0.03, beats on revs (48.71)
Reports Q3 (Sep) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 19.2% year/year to $583 mln vs the $561.15 mln consensus.
- Third-quarter Financial Advisory operating revenue of $291 million, up 24% from third-quarter 2013;
- Third-quarter M&A and Other Advisory operating revenue of $241 million, up 37% from third-quarter 2013;
- Record third-quarter Asset Management operating revenue of $288 million, up 16% from third-quarter 2013;
- Assets under management of $198 billion as of September 30, 2014, up 12% from September 30, 2013, and down 3% from June 30, 2014.
- Net inflows of $2.6 billion for third-quarter 2014