Boutique investment bank Lazard reported blew past expectations, posting $720 million in revenues and $120 million in profits in the second quarter
Investment bank Lazard is having a record year, blowing past second-quarter revenue and profit estimates.
Lazard posted $120 million in profits in the quarter, or $0.91 per share, to go along with a record $720 million in operating revenue.
That well exceeded analyst expectations of $0.79 earnings per share and $629 million in revenue.
The firm also reported that assets under management rose to a record $226 billion.
"Lazard's record operating revenue underscores the power of our model and the global breadth and depth of our franchise," said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "We advised business and government leaders on a wide variety of strategic and financial matters around the world. Asset Management achieved a record level of AUM by providing diverse, sophisticated investment solutions for a global, primarily institutional client base."
Lazard's strong quarter was driven by record mergers and acquisition advisory revenues of $323 million, 50% higher than the second quarter of 2016.
Deals Lazard advised on that were completed during the second quarter include:
- Johnson & Johnson's $30 billion acquisition of Actelion
- Danone's $12.5 billion acquisition of WhiteWave
- United Arab Shipping Company's $12.5 billion combination with Hapag-Lloyd
- Alinta Holdings on the sale of Alinta Energy to Chow Tai Fook Enterprises.
Boutique investment bank Lazard reported blew past expectations, posting $720 million in revenues and $120 million in profits in the second quarter Read Full Story
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