Back to top

Image: Bigstock

Blackstone (BX) Beats on Q2 Earnings & Revenues Estimates

Read MoreHide Full Article

Have you been eager to see how The Blackstone Group L.P. (BX - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based premier global investment and advisory firm’s earnings release this morning:

An Earnings Beat

Blackstone came out with economic net income of 44 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents.

Lower expense base was primarily responsible for earnings beat.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for Blackstone depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has moved 11% lower over the last 7 days.

Further, Blackstone does not have a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered negative surprises in all prior four trailing quarters, with an average miss of 33.53%.
 

BLACKSTONE GRP Price and EPS Surprise

BLACKSTONE GRP Price and EPS Surprise | BLACKSTONE GRP Quote


Revenue Came In Better Than Expected

Blackstone posted revenues (on a GAAP basis) of $1.19 billion, which outpaced the Zacks Consensus Estimate of $1.15 billion. Further, the figure compared unfavorably with the year-ago number of $1.23 billion.

Key Stats to Note:
 

  • Total assets under management (“AUM”) reached a record $353.3 billion through a combination of strong fundraising and organic expansion.
  • Gross inflows were $21.2 billion in the second quarter, bringing LTM inflows to $70 billion.
  • Total Dry Powder was $98.5 billion, up 20% year-over-year, driven by recent fundraises for the latest global private equity and real estate funds.


What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Blackstone. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

Check back later for our full write up on this Blackstone earnings report!

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 >>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Blackstone Inc. (BX) - free report >>

Published in