Lazard outperforms fourth quarter profit expectations and names new chief financial officer
Lazard reported adjusted earnings of 80 cents per share for the fourth quarter. The firm also appointed insider Tracy Farr as chief financial officer.
Insights:
Lazard Ltd reported fourth-quarter adjusted profit of $0.80 per share for the three months ended December 31, exceeding the average analyst estimate of $0.69 per share compiled by LSEG. The results were announced as the firm named insider Tracy Farr tracy farras its new chief financial officer, a move that becomes effective Feb. 1.
The company's performance was driven alongside a 7% increase in adjusted financial advisory revenue, which rose to $542 million in the quarter. This growth occurred as dealmaking picked up during the three months ended December 31, following several difficult years for the sector characterized by high interest rates and market volatility.
