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Lazard posts lower Q4'17 adjusted net income YOY

Lazard Ltd reported a fourth-quarter 2017 net loss attributable to the company of $83.6 million, or 70 cents per share, compared to net income of $128.0 million, or 96 cents per share, in the 2016 fourth quarter.

During the quarter, as a result of the U.S. Tax Cuts and Jobs Act, the company's U.S. GAAP provision for income taxes included a charge of approximately $420 million, primarily relating to the reduction in certain deferred tax assets, with an offsetting benefit of approximately $203 million relating to the reduction in its tax receivable agreement obligation.

Adjusted net income for the quarter totaled $148.1 million, or $1.12 per share, down from $150.0 million, or $1.13 per share, in the year-ago quarter.

On a GAAP basis, net revenues declined year over year to $678.8 million from $691.6 million.

On a non-GAAP basis, operating revenue decreased to $682.6 million from $685.2 million in the prior-year quarter. Financial advisory operating revenue totaled $335.1 million, compared to $404.6 million in the year-ago quarter.

For full year 2017, Lazard reported net income attributable to the company of $253.6 million, or $1.91 per share, compared to $387.7 million, or $2.92 per share, in 2016. Adjusted net income for the year came in at $500.5 million, or $3.78 per share, versus $409.7 million, or $3.09 per share, in 2016.

On Jan. 31, Lazard declared dividends totaling $1.71 per share, comprised of a quarterly dividend of 41 cents per share and an extra cash dividend of $1.30 per share, on its class A common stock. The dividends are payable Feb. 23, to stockholders of record on Feb. 12.