Lazard Ltd (LAZ) has reported a 60.95 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $107.55 million, or $0.81 a share in the quarter, compared with $66.82 million, or $0.50 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $110.14 million, or $0.83 a share compared with $66.82 million or $0.50 a share, a year ago. Revenue during the quarter grew 25.14 percent to $623.46 million from $498.22 million in the previous year period. Gross margin for the quarter expanded 101 basis points over the previous year period to 95.59 percent. Total expenses were 75.91 percent of quarterly revenues, down from 80.25 percent for the same period last year. This has led to an improvement of 434 basis points in operating margin to 24.09 percent.
Operating income for the quarter was $150.20 million, compared with $98.38 million in the previous year period.
However, the adjusted operating income for the quarter stood at $164.16 million compared to $106.50 million in the prior year period. At the same time, adjusted operating margin improved 495 basis points in the quarter to 26.33 percent from 21.38 percent in the last year period.
"Lazard's record first-quarter results reflect strong performance across our businesses," said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "In both Financial Advisory and Asset Management, we are serving clients with a differentiated model that combines deep local insights with fully global perspective and capabilities."
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