Lazard Ltd LAZ reported third-quarter 2021 adjusted earnings of 98 cents per share, beating the Zacks Consensus Estimate of 94 cents. The reported figure also reflects 46% year-over-year growth.Higher revenues and growth in assets under management (AUM) favored the company. However, operating expenses witnessed a rise. Most likely due to this, shares of the company gained 6.6%, following the earnings release.Adjusted net income in the reported quarter was $111.4 million, up 46% year over year. On a GAAP basis, Lazard’s net income came in at $107.2 million or 94 cents per share compared with the $75 million or 66 cents recorded in the prior-year quarter.Revenues Rise, Expenses Flare UpDuring the third quarter, adjusted operating revenues totaled a record $701.64 million, up 23% year over year. This upside resulted from an increase in asset management and financial advisory revenues. The reported figure also outpaced the Zacks Consensus Estimate of $830.83 million.Adjusted operating expenses came in at $534.2 million in the quarter, up 20% year over year. Higher compensation and benefits as well as non-compensation expense resulted in this upsurge.Adjusted compensation and benefits expenses rose 22% on a year-over-year basis to $417.5 million. Adjusted non-compensation expenses for the quarter were $116.7 million, up 13% year over year.The ratio of compensation expenses to operating revenues was 59.5%, down from the year-earlier quarter’s 60%. The ratio of non-compensation expenses to operating revenues was 16.6% compared with the year-ago quarter’s 18.1%.The company affirmed its annual targets of an adjusted non-compensation expense-to-revenue ratio between 16% and 20%, while the compensation-to-operating revenue ratio target is in the mid-to-high 50 percentage range.Segment PerformanceFinancial Advisory: The segment’s adjusted revenues were $381.3 million, up 24% from the year-earlier quarter.Asset Management: The segment’s adjusted revenues were $310.6 million, up 19% from the prior-year quarter.Corporate: The segment generated $9.8 million adjusted revenues, up substantially from the prior-year quarter.Growing AUMAs of Sep 30, 2021, AUM was recorded at $272.6 billion, up 5.4% from the prior-year quarter. The quarter witnessed a market depreciation and foreign-exchange depreciation of $2.5 billion and net outflows of $2.3 billion.Average AUM came in at $277.9 billion, up 23% year over year.Deteriorating Balance SheetLazard’s cash and cash equivalents totaled $1.18 billion as of Sep 30, 2021, compared with $1.39 billion as of Dec 31, 2020. The company’s stockholders’ equity was $977.7 million compared with $999.4 million as of Dec 31, 2020.Steady Capital-Deployment ActivityIn the third quarter, Lazard repurchased 1.1 million shares at an average cost of $46.01 per share and paid out dividends of $49 million. As of the third-quarter end, the company had $314 million remaining in its share-repurchase authorization.Our ViewpointResults reflect Lazard’s impressive performance during the September-end quarter. Although diverse footprint, steady capital-deployment activities and revenue growth position the company favorably for the long haul; macro headwinds, elevated expenses and overall outflows are straining its financials.Lazard Ltd Price, Consensus and EPS Surprise Lazard Ltd price-consensus-eps-surprise-chart | Lazard Ltd QuoteCurrently, Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Competitive LandscapeBlackRock, Inc.’s BLK third-quarter 2021 adjusted earnings of $10.95 per share outpaced the Zacks Consensus Estimate of $9.63. The figure reflects a rise of 18.8% from the year-ago quarter’s number.Blackstone’s BX distributable earnings of $1.28 per share comfortably surpassed the Zacks Consensus Estimate of 93 cents for the July-September quarter. The figure reflects a significant rise from 63 cents recorded in the prior-year quarter.SEI Investments Co.’s SEIC earnings of 97 cents per share came in line with the Zacks Consensus Estimate for the September-end quarter. The bottom line reflected 29% growth from the prior-year quarter. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blackstone Inc. (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report Lazard Ltd (LAZ): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research