Lazard swings to 1Q profit

AP News
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Posted: Apr 27, 2011 5:07 PM
Lazard swings to 1Q profit

Lazard Ltd. said Wednesday that it jumped back into the black in the first quarter on higher asset management fees, reversing a loss from a year ago.

Still, the results missed Wall Street's expectations.

Net income totaled $55 million, or 43 cents a share, in the three months ended March 31, compared with a loss of $33.5 million, or 38 cents per share.

Quarterly revenue slipped by less than a percent to $457.9 million from $459.5 million in the previous year. Asset management fees jumped 28 percent to $206.8 million from $161.8 million. That helped offset a 15-percent decline in financial advisory revenue.

On average, analysts surveyed by Fact Set expected a profit of 45 cents per share on $464.6 million in revenue. Analysts' estimates typically exclude one-time items.

Assets under management totaled $160.5 billion, a 19 percent increase from $135 billion a year ago.

Company shares slipped 12 cents to $40.99 in afternoon trading.