The Blackstone Group Earnings: Here’s Why the Stock is Rising Now
The Blackstone Group (NYSE:BX) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.74%.
The Blackstone Group Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 25% to $0.55 in the quarter versus EPS of $0.44 in the year-earlier quarter.
Revenue: Rose 1.52% to $1.26 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Blackstone Group reported adjusted EPS income of $0.55 per share. By that measure, the company missed the mean analyst estimate of $0.55. It beat the average revenue estimate of $1.16 billion.
Quoting Management: Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, Blackstone achieved strong first quarter results across the board. Revenue rose 29% year-over-year, and earnings were up 28%. Greater realizations, reaching $6 billion in the quarter, drove our second best quarter for cash earnings since becoming a public company. Blackstone also continues to show sustained asset growth. Although several of our investment businesses are already the largest of their kind in the world, every one reported year-over-year double-digit growth in total assets under management.
Key Stats (on next page)…