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 NEW YORK (AP) - Investment bank Lazard Ltd., which went public last May, on Wednesday posted fourth-quarter earnings that were well above analysts' expectations as revenue from asset management and mergers and acquisitions helped boost results.
The company's shares rose $2.07, or 6 percent, to close at $36.47 on the New York Stock Exchange. The day's strongest level of $38.50 was above a previous 52-week high of $37.19.
Lazard said its fourth-quarter net income of $23.9 million, or 64 cents per share, is not comparable under generally accepted accounting principles to its year-ago historical fourth-quarter profit of $112.7 million. That's because the company's financial structure changed dramatically after its May initial public offering. Net revenue fell 6 percent to $367.1 million from $390.9 million under GAAP.
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