Blackstone Q2 Results Climb, Top Estimates; Stock Up In Pre-market

Blackstone

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(RTTNews) - Alternative asset manager Blackstone Inc. (BX) reported Thursday higher profit and revenues in its second quarter, above market estimates, amid significant growth in assets under management.

In the pre-market activity on the NYSE, Blackstone shares were gaining around 2.5 percent to trade at $176.25.

Net income attributable to the company grew to $764.24 million from last year's $444.41 million. Earnings per share were $0.98, higher than $0.58 a year ago.

Distributable earnings per share were $1.21, compared to $0.96 last year.

Total Revenues increased to $3.71 billion from $2.80 billion in the prior year.

The Wall Street analysts on average expected the company to report earnings of $1.10 per share on revenues of $2.81 billion. Analysts' estimates typically exclude special items.

Total assets under management or AUM grew to $1.21 trillion from prior year's $1.08 trillion.

Further, Blackstone said its Board has declared a quarterly dividend of $1.03 per share to record holders of common stock at the close of business on August 4. This dividend will be paid on August 11.

Stephen Schwarzman, Chairman and Chief Executive Officer, said, "Despite the volatile market backdrop, we grew earnings significantly and total assets under management increased 13% year-over-year to more than $1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for our LPs, with the highest overall amount of fund appreciation in nearly four years."

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