UPDATE: Lazard Posts Upbeat Q4 Profit

Lazard LAZ reported a 35% gain in its fourth-quarter profit. On an adjusted basis, Lazard's quarterly profit surged to $110 million, or $0.81 per share, versus a year-ago profit of $81.6 million, or $0.61 per share. However, analysts were projecting earnings of $0.61 per share. Its operating revenue gained 8.2% to $620.5 million. Lazard shares closed at $42.99 yesterday.