Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
M&A Fuels Solid Lazard Results
Summary: The strong pace of corporate mergers that drove Lazard Ltd.'s (NYSE:LAZ) revenue up 30% in the first half isn't likely to abate soon, the company's vice chairman Steven J. Golub said. Yesterday, he cited continuing confidence from corporate chief executives, overflowing cash coffers at private-equity firms and interest rates for borrowed money that remain low as key catalysts that will continue to help Lazard report strong numbers. Lazard reported second-quarter profit of $62.9 million, or 60 cents a share, compared with $32 million, or 32 cents a share, during the same period last year. In addition, net revenue rose 25% to $386.9 million from $310.3 million. Estimates were for Lazard to earn $0.50 a share. As a result of its earnings beat, shares of Lazard rose 3.9% in composite trading yesterday.