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NEW YORK - Lazard Ltd . (NYSE:LAZ) reported third-quarter revenue that significantly exceeded analyst estimates, sending shares up 5.88% in early trading Thursday.
The financial advisory and asset management firm posted revenue of $785 million for the quarter, well above the consensus estimate of $644.29 million. However, adjusted earnings per share came in at $0.38, missing expectations of $0.41.
Lazard's Financial Advisory segment was a key driver of the revenue beat, with net revenue increasing 39% year-over-year to $371 million. Asset Management net revenue rose 3% to $294 million.
"Lazard's growth strategy continues to gain momentum, with Financial Advisory revenue up 39 percent for the first nine months of this year," said CEO Peter R. 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."
The company's adjusted compensation ratio was 66.0% for the quarter, down from 68.4% in the prior year period. Lazard ended the quarter with $248 billion in assets under management, up 8% year-over-year.
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