Lazard, Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $807.4 million, a 48.9% increase from $543.2 million in Q3 2023. Net revenue also rose to $784.9 million from $523.9 million, driven by a 38% increase in investment banking and advisory fees, which totaled $366.4 million. For the nine-month period, total revenue was $2.3 billion, up from $1.8 billion in 2023.
The company's profitability saw a remarkable turnaround, with net income for Q3 2024 at $116.1 million, compared to $6.8 million in Q3 2023. For the nine months, net income was $208.4 million, a significant recovery from a net loss of $128.8 million in the prior year. Basic net income per share for Q3 2024 was $1.13, compared to $0.07 in Q3 2023, while for the nine months, it was $2.04, reversing a loss of $1.60 in 2023.
Lazard's Financial Advisory segment reported net revenue of $370.9 million for Q3 2024, up from $266.0 million in Q3 2023, and $1.2 billion for the nine months, compared to $896.1 million in the previous year. The increase was attributed to a higher number of completed M&A transactions valued over $500 million. The Asset Management segment also contributed positively, with net revenue of $293.9 million for Q3 2024, slightly up from $284.9 million in Q3 2023.
Operating income for Q3 2024 was $161.2 million, a significant recovery from an operating loss of $4.9 million in Q3 2023. For the nine months, operating income was $279.4 million, compared to a loss of $151.9 million in the same period last year. Total operating expenses increased to $623.7 million in Q3 2024 from $528.8 million in Q3 2023, primarily due to higher compensation and benefits expenses.
Strategically, Lazard completed the sale of an owned office building for approximately $194.3 million, contributing to other revenue in the Corporate segment. The company also announced a quarterly dividend of $0.50 per share, payable on November 15, 2024. As of September 30, 2024, Lazard had $1.17 billion in cash and cash equivalents, up from $1.01 billion a year earlier, reflecting improved liquidity and operational cash flow.
Overall, Lazard's performance in 2024 indicates a strong recovery and growth trajectory, supported by increased advisory activity and effective cost management strategies.
About Lazard, Inc.
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