New York, NY – Lazard, Inc. reported record first-quarter earnings, with firm-wide adjusted net revenue reaching $747 million, a 42% increase from the previous year. The company held its earnings conference call on April 25, 2024, discussing the positive financial results.
Lazard’s financial advisory division saw a significant surge in revenue, driven by strong performance in the U.S. and Europe. Major transactions included ImmunoGen’s acquisition by AbbVie and CymaBay Therapeutics’ acquisition by Gilead. Additionally, the company advised on several capital market listings and fundraising activities.
The asset management sector also experienced growth, with adjusted net revenue totaling $276 million for the quarter. Despite net outflows, Lazard reported an increase in average assets under management. The company continues to focus on strengthening core strategies and expanding into new areas of opportunity.
Executives discussed the market environment, noting that interest rates have influenced M&A activity and investment decisions. While evolving technologies and global trends impact the financial landscape, geopolitical uncertainties remain a key concern for clients.
Lazard emphasized its commitment to balancing investments, growth, and shareholder returns. The company returned $121 million to shareholders in the first quarter through dividends and share repurchases. Notably, Lazard refinanced a portion of its debt, issuing $400 million in seven-year senior notes.
Looking ahead, Lazard remains optimistic about its long-term strategic objectives. The company aims to double firm-wide revenue and achieve an average annual shareholder return of 10% to 15% through 2030. By focusing on innovation, client engagement, and brand development, Lazard is poised for continued success in the ever-evolving financial landscape.
The executives fielded questions on various topics, including compensation ratios, asset management trends, and market outlook. They highlighted the importance of staying agile in a dynamic market and leveraging Lazard’s expertise to navigate complex business challenges.
