Shares of Lazard (LAZ) soared over 10% in pre-market trading on Thursday, following the company's impressive fourth-quarter earnings report that topped analysts' expectations. The investment bank's strong quarterly performance was fueled by a resurgence in dealmaking activity, which boosted its key advisory business.
Lazard reported adjusted earnings per share of $0.78 for the quarter ended December 31, 2024, handily beating the consensus estimate of $0.51. The firm's revenue surged to $817 million, surpassing analysts' projections of $766.6 million.
The financial advisory segment was the driving force behind Lazard's exceptional results. Adjusted financial advisory revenue rose 6% year-over-year to $508 million, reflecting a broad recovery in mergers and acquisitions activity. CEO Peter Orszag expressed optimism about the ongoing M&A cycle, citing tailwinds from easing borrowing costs and a potentially more favorable regulatory environment under the Trump administration.
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