By Christopher Kuo

Shares of Lazard retreated after first-quarter adjusted earnings missed Wall Street's estimates, and the company said some of its transactions were moved to later in the year.

The investment bank and asset management firm's shares declined 6.5% to $45.35 on Friday. The stock are down 6.1% this year.

Lazard on Friday posted a profit of $100.9 million, or 91 cents a share, compared with a profit of $60.4 million, or 56 cents a share, a year earlier.

Adjusted earnings were 42 cents a share. Analysts polled by FactSet expected adjusted earnings of 51 cents a share.

Revenue rose 17% to $756.6 million. Analysts expected $707.4 million. The company's first-quarter net revenue for its financial advisory business was down 2% compared with the previous year.

Chief Executive Peter Orszag said several transactions related to the company's financial advisory business were moved to later in the year.

"Financial advisory activity can admittedly be uneven from quarter to quarter, and during the first quarter, we had several transactions moved to later in the year," Orszag said. "As a result, revenue from this business was not as strong as we anticipate the rest of the year will be."

For the quarter, Lazard's financial advisory unit reported net and adjusted net revenue of $360 million and $356 million, respectively, down 2% and 4% from the same period a year ago.

Lazard said on April 30 that it is acquiring private-markets advisor Campbell Lutyens for around $575 million to establish a new unit, Lazard CL.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

May 01, 2026 11:55 ET (15:55 GMT)

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