Lazard reports Q1 EPS 42c, consensus 51c

Reports Q1 revenue $779.4M, consensus $713.23M. “The acquisition of Campbell Lutyens is a meaningful step in Lazard’s (LAZ) long-term strategy to build a more productive, resilient, and growth-oriented firm,” said Peter R. Orszag, CEO and Chairman of Lazard. “Asset Management delivered strong results, reflecting early progress in positioning the business to meet client demand. While M&A revenue was affected by the timing of transactions, our outlook is optimistic, and the 28 new Managing Directors added to our Financial Advisory platform over the past year position us well for the future. Across the firm, engagement is strong as clients seek the independent, differentiated advice and investment solutions grounded in contextual alpha that Lazard uniquely provides.”