earnings
confidence high
sentiment negative
materiality 0.70
Lazard Q2 revenue falls 8% to $620M; GAAP net loss $124M; adjusted EPS $0.24, down 74%
Lazard, Inc.
2023-Q2 EPS reported
-$1.68
revenue$1,224,229,000
- Q2 operating revenue $620M (-8% YoY); Financial Advisory $344M (-15%), Asset Management $267M (+1%)
- GAAP net loss $124M ($1.41 loss per share); adjusted net income $23M ($0.24 EPS, -74% YoY)
- AUM $239B, up 10% YoY and 3% sequentially; net outflows $1B, offset by market appreciation $8.8B
- Adjusted compensation ratio 68.4% (vs 58.5% YoY); non-comp ratio 23.2% (vs 19.4%)
- Declared quarterly dividend $0.50/share; H1 share repurchases 2.7M shares; remaining auth $203M