Lazard (LAZ) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended September 2023, Lazard (LAZ) reported revenue of $531.62 million, down 26.5% over the same period last year. EPS came in at $0.10, compared to $1.05 in the year-ago quarter.
The reported revenue represents a surprise of -10.30% over the Zacks Consensus Estimate of $592.65 million. With the consensus EPS estimate being $0.19, the EPS surprise was -47.37%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Lazard performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Assets under management - End of Period: $228.26 billion versus $233.8 billion estimated by two analysts on average.
Assets under management - Total Fixed Income: $45.18 billion compared to the $45.52 billion average estimate based on two analysts.
Assets under management - Net Flows: $-1.99 billion compared to the $-1.56 billion average estimate based on two analysts.
Operating revenue- Asset Management- Non-GAAP: $262.16 million versus $261.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -0.3% change.
Operating revenue- Financial Advisory- Non-GAAP: $261.44 million versus the three-analyst average estimate of $326.17 million. The reported number represents a year-over-year change of -42.4%.
Operating revenue- Corporate- Non-GAAP: $8.01 million compared to the $5.10 million average estimate based on three analysts.
View all Key Company Metrics for Lazard here>>>
Shares of Lazard have returned -9.8% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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