Lazard Q1 Profit Surges, Beats View - Quick Facts

(RTTNews) - Financial advisory and asset management firm Lazard Ltd. (LAZ) on Thursday reported first-quarter net income attributable to the company of $80.84 million or $0.61 per share, up from $15.36 million or $0.12 per share in the prior year.

On an adjusted basis, earnings for the quarter were $0.61 per share, compared to $0.28 per share in the same period last year. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter grew 33 percent to $533.40 million from $401.90 million a year earlier. Analysts had a consensus revenue estimate of $514.77 million for the quarter.

Assets under management totaled $189.45 billion as of March 31, 2014, up 1.4 percent from December 31, 2013, and up 10.2 percent from March 31, 2013.

On April 30, 2014, Lazard declared a quarterly dividend of $0.30 per share on its outstanding common stock. The dividend is payable on May 23, 2014, to stockholders of record on May 12, 2014.