Lazard reports Q3 adjusted EPS 10c, consensus 18c

Reports Q3 revenue $532M, consensus $581.76M. “While our third-quarter results reflect challenging conditions for M&A, we view the market as poised for a recovery in the quarters ahead. In addition, we see continued solid performance in Asset Management and we expect changes made in that business to contribute to future growth,” said Peter Orszag, CEO, Lazard. “Today’s announcement of our conversion to a C-Corporation positions us to attract a broader base of investors, enhances liquidity and reflects our focus on delivering long-term value for shareholders.”