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Lazard sees financial advisory operating revenue rise YOY in Q4'16

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Lazard sees financial advisory operating revenue rise YOY in Q4'16

Lazard Ltd reported fourth-quarter 2016 net income attributable to the company of $128.0 million, or 96 cents per share, compared to $157.8 million, or $1.18 per share, in the 2015 fourth quarter.

Adjusted net income for the quarter totaled $150.0 million, or $1.13 per share, versus $122.9 million, or 92 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 99 cents.

On a GAAP basis, net revenues rose year over year to $691.6 million from $593.2 million.

On a non-GAAP basis, operating revenue increased to $685.2 million from $598.3 million in the prior-year quarter. Financial advisory operating revenue totaled $404.6 million, compared to $330.9 million in the year-ago quarter. Asset management operating revenue came in at $275.4 million, up from $260.6 million in the prior-year period.

For the full year 2016, Lazard reported net income attributable to the company of $387.7 million, or $2.92 per share, compared to $986.4 million, or $7.40 per share, in 2015. Adjusted net income for year came in at $409.7 million, or $3.09 per share, versus $480.3 million, or $3.60 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $2.92.