Financial advisory and asset management firm Lazard Ltd (LAZ) posted a net loss in the fourth-quarter due to charges related to cost cutting measures. However, adjusted net income was able to beat the consensus view.
The Bermuda-based company reported a fourth-quarter loss of $5.36 million, or 5 cents per share, versus a loss of $4.79 million, or 4 cents per share, in the same period a year earlier.
Adjusted net income was $81.63 million, or 61 cents per share, compared to $1.43 million, or 1 cent per share, in the prior year period. These adjusted results exclude pre-tax charges of $103 million related to a recently announced cost savings plan.
On average, analysts were expecting LAZ to post an adjusted net income of 33 cents per share, according to Thomson Reuters.
Operating revenue for the quarter came in at $574 million compared to the previous year’s revenue of $469 million.
Lazard shares were up $1.39, or +3.79%, during morning trading on Thursday. The stock is up +40.97% over the past year.
The Bottom Line
Shares of Lazard (LAZ) have a dividend yield of 2.15% based on Thursday’s intraday trading price of $37.29 and the company’s annualized dividend payout of 80 cents per share.
Lazard Ltd (LAZ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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