Lazard Q3 Profit Falls to $29.16 Million as Revenue Rises 8.8%

Lazard Inc. (LAZ) reported third-quarter net income of $29.16 million, or $0.26 per share, down sharply from $71.25 million, or $0.65 per share, in the prior year. Excluding items, the financial advisory and asset management firm posted adjusted earnings of $39.97 million, or $0.36 per share. Revenue for the quarter rose 8.8% to $814.17 million from $748.08 million a year earlier, even as the bottom line declined.