Mon, Feb 24, 10:18 PM (64 days ago)
Lazard, Inc. (NYSE: LAZ) reported significant financial performance for the year ending December 31, 2024, with net revenue of approximately $3,052 million, a 21% increase from 2023. The Financial Advisory segment saw revenues rise by 27%, driven by increased M&A activity, while Asset Management fees grew by 3%. Net income attributable to Lazard was $280 million, reversing a loss of $75 million in the previous year. Operating income reached $386 million, reflecting a recovery from a loss in 2023. Operating expenses increased 3% to $2,665 million, primarily due to compensation costs, which rose 3% to $2,003 million. Strategically, Lazard is focused on enhancing its advisory capabilities and expanding asset management services, particularly in wealth management and active ETFs. The firm faces competitive pressures and risks, including fluctuating market conditions and geopolitical uncertainties, but anticipates growth opportunities from technological advancements and regulatory changes. The company’s financial condition remains solid, with total stockholders’ equity increasing to $685 million from $482 million in 2023. Lazard's share repurchase program aims to mitigate dilution from equity incentive plans, with $200 million remaining for future buybacks. Overall, Lazard is well-positioned for growth amid a dynamic financial landscape.